LONDON (dpa-AFX) - Aston Martin Lagonda Global Holdings Plc (AML.L), a British luxury car maker, on Wednesday reported a wider pre-tax loss for the first-quarter, reflecting increased expenses, decreased revenue, and products transition drive. .
Lawrence Stroll, Aston Martin Executive Chairman, said: '2024 is a year of immense product transformation at Aston Martin, with the introduction of four new models to the market before the end of the year. Our first quarter performance reflects this expected period of transition, as we ceased production and delivery of our outgoing core models ahead of the ramp up in production of the new Vantage, upgraded DBX707 and our upcoming V12 flagship sports car which we've confirmed today.'
As part of its ongoing program of ultra-exclusive models, the company expects to deliver a new Special in the fourth-quarter.
For the first-quarter, the automaker registered a pre-tax loss of 138.8 million pounds, compared with a loss of 74.2 million pounds, recorded for the same period last year.
Excluding items, loss before tax was 110.5 million pounds, compared with a loss of 57.3 million pounds in 2023.
Net loss moved up to 138.9 million pounds from previous year's 73.8 million pounds.
Operating loss stood at 58.7 million pounds as against a loss of 50.9 million pounds in 2023.
Excluding items, EBIT was a loss of 57.1 million pounds, compared with a loss of 47.8 million pounds a year ago.
Adjusted EBITDA slipped to 19.9 million pounds from last year's 30.2 million pounds.
Adjusted operating expenses were up at 156.8 million pounds, from 149.7 million pounds in 2023.
Net financing expense surged to 80.1 million pounds from last year's 23.3 million pounds.
Revenue was 267.7 million pounds, down from previous year's 295.9 million pounds. This is mainly due to the volume impact of the ongoing transition of Aston Martin's product portfolio. This was partially offset by an increase in total average selling price, reflecting richer mix resulting from deliveries of Aston Martin Valkyrie Spider's and Valour limited edition models.
Looking ahead, Aston Martin expects its second-quarter performance to be broadly similar to the first-quarter.
For the full year, the company projects enhanced profitability and EBITDA, supported by high single-digit percentage wholesale volume growth.
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