Aston Martin Q3 loss smaller than expected, FY guidance backed

30th Oct 2024 07:17

(Sharecast News) - Aston Martin Lagonda backed its full-year outlook on Wednesday as it reported a smaller-than-expected third-quarter loss.

Adjusted pre-tax losses for Q3 narrowed from £123.5m in the same period a year earlier to £10.3m. This was below analysts' expectations for a loss of £92m.

The car maker posted an operating loss of £26.7m, down from £52.1 in the third quarter of 2023 and better than expectations of a £53m loss.

Revenue for the quarter rose 8% to £391.6m, also beating expectations, of £385.5m.

Aston Martin said the order book continues to extend and is expected to strengthen further as a new range of models becomes available in all markets.

Chief executive Adrian Hallmark, who joined the group in September, said: "Improved financial and operational performance in Q3 2024, demonstrates our strategy's effectiveness.

"We are on track to meet our revised full year 2024 guidance, which reflects the necessary action taken in September to adjust our production volumes given supplier disruption, which we are proactively managing, and the weak macroeconomic environment in China."