Porsche, a luxury automaker, stated on Wednesday that its first-quarter return on sales was comparable to last year's at 18.2%, while revenue and operating profit increased by a quarter as a result of record-high deliveries.

The automaker reiterated its goals for 2023, targeting a return on sales of 17% to 19% on revenue of 40 to 42 billion euros. The automaker recorded an 18% increase in deliveries in the first quarter, helped by a significant increase in China.

In its financial services division, operating profit fell to 86 million euros from 102 million, which it attributed to the valuation of interest rate swaps and hedges as well as the effects of rising interest rates on financing products.