By David Sachs and Christian Moess Laursen

Porsche AG's revenue and profitability fell in the first quarter on higher costs from the ramp-up of new models.

The German luxury sports-car maker's quarterly revenue fell to 9.01 billion euros ($9.67 billion) from EUR10.10 billion a year prior. The figure missed analyst expectations of EUR9.33 billion, according to Visible Alpha.

Operating return on sales, a profitability measure, was 14.2%, down from 18.2% a year ago and below the company's reiterated full-year guidance of 15% to 17%.

Operating profit slipped to EUR1.28 billion, from EUR1.84 billion in the first quarter of last year.

The planned renewal of its model range caused increased research-and-development costs and marketing activities during the quarter, the company said.

"In the first quarter, we gained a lot of momentum to lay the groundwork for future success," Deputy Chairman Lutz Meschke said.

Besides backing its profitability target, Porsche kept its full-year guidance of revenue between EUR40 billion and EUR42 billion.

It delivered 3.9% fewer vehicles during the quarter, at 77,640.

Write to David Sachs at

(END) Dow Jones Newswires

04-26-24 1144ET