(Reuters) -Aston Martin posted a bigger-than-expected first-quarter pretax loss on Wednesday because the British luxurious carmaker made fewer automobiles and burned more money than analysts anticipated, sending the shares 11% decrease.
Aston Martin, which has launched a number of new automobiles over the previous yr together with its subsequent technology sports activities automobiles the DB12 and Vantage, stopped manufacturing of outdated fashions forward of the ramp up in manufacturing of contemporary fashions later this yr.
“Our first-quarter performance reflects this expected period of transition,” Chairman Lawrence Stroll mentioned in an announcement.
The second quarter is predicted to be broadly just like the primary, it mentioned.
Shares fell as a lot as 14% in early buying and selling to 128 pence, their lowest stage since November 2022.
“This miss would raise questions, in our view,” analysts at JP Morgan wrote in a be aware.
Whole wholesale volumes for the primary three months of the yr got here in at 945, under analysts’ common expectations of 1,024, in response to a company-compiled consensus.
Free money outflow was additionally greater than anticipated for the quarter.
The corporate saved its 2024 outlook unchanged, and reported an adjusted pretax losses of 111 million kilos ($138 million) for the three months ended March 31, in contrast with 57 million kilos a yr earlier.
Analysts, on common, have been anticipating an adjusted pre-tax lack of 93 million kilos.
Aston Martin introduced its upcoming V12 flagship sports activities automotive on Wednesday that will likely be propelled by a brand new engine and is scheduled to begin deliveries within the fourth quarter.
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The ultra-luxury carmaker, which has pushed again its first electrical car by a yr, has doubled down on a strong V12 combustion engine that typifies the noise and energy related to high-performance automobiles.
($1 = 0.8017 kilos)
