Porsche stock rises as Barclays says Q4 sales release confirms solid volumes

Published 01/13/2025, 06:35 AM
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Investing.com -- Porsche's stock climbed on Monday following its Q4 sales figures, with Barclays (LON:BARC) analysts hailing the results as confirmation of solid volumes. 84,692 units were delivered for the quarter, exceeding previous market expectations of 77,969 units. 

Porsche's Macan model, which showed stronger sales than expected, contributed most to this outperformance, according to Barclays.

The Macan, particularly with the introduction of the new E-Macan, was flagged as the primary driver behind the higher volumes. 

Porsche had already delivered over 18,000 units of the E-Macan within the first three months of its launch, which helped push total Macan deliveries to about 28,000 units in Q4. 

This was a marked increase from the average of 20,000 units seen in the past seven quarters. 

As a result, overall deliveries for the quarter came in well above the 78,000-unit average since the start of 2023.

Barclays analysts caution that despite the Macan's sales boost, the volume increase may not last. 

Upon clearing the initial order backlog, it will be important to assess whether the E-Macan sales level can be maintained. 

Moreover, Porsche's strategy for 2025 remains somewhat unclear, particularly regarding the cost structure and volume forecasts. 

There are several variables at play, including production volumes, the mix of models, supplier costs, and potential cost-saving measures.

Despite these uncertainties, Barclays has maintained a positive outlook on Porsche’s stock, raising its rating in early December when shares were at near all-time lows. 

Analysts argued that despite concerns over 2025’s volume-cost setup, Porsche’s fundamentals remain attractive, with strong pricing and a favorable model mix expected to support earnings growth in the coming years. 

Barclays also flagged the positive outlook from Porsche’s CFO, who expressed confidence in meeting the company’s EBIT margin and free cash flow guidance for fiscal year 2024, which was underpinned by firm delivery schedules.

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