Porsche today reported results for the first half of its July-through-June fiscal year, surprising analysts with stronger than expected results.

First half sales were up 16.8 percent, with revenues up 15 percent. Pre-tax earnings are up 11.3 percent. Cayman, Boxster and 911 sales were all strong.

In the press conference for the earnings announcement, chief executive Wendelin Wiedeking said earnings going forward would remain a priority, despite high costs expected for the development of the new Panamera model line and the joint development with VW of a new hybrid powertrain.

Wiedeking also used the good news as an opportunity to take a shot at critics of the company's investment in VW, saying the company was taking advantage of idle manufacturing capacity elsewhere to build up its own production.

Porsche has the enviable distinction of being the automaker with the highest profit margins in the business.