Aston Martin posts Q3 loss

Aston Martin posts Q3 loss

Aston Martin posts Q3 loss

Aston Martin (LON:AML) posted a third quarter loss on Thursday, sending shares down.

Shares in the luxury sports car manufacturer were trading over 2% lower on Thursday morning.

Aston Martin said that, for the three months to 30 September, loss before tax amounted to £13.5 million, compared to the £3.1 million profit generated during the same period a year prior.

Founded in 1913, the company made its stock market debut last year.

Aston Martin, which has become paired with James Bond, added that revenue amounted to £250 million with core wholesales down 16%.

The company warned that it expects pressure on volumes to continue into the end of the year and now expects total wholesales to be lower than what it had previously guided, though still within the range of market expectations.

“Tough trading conditions, particularly in the UK and Europe, persist and whilst retail sales have grown 13% year-to-date, wholesale volumes remain under pressure,” Dr Andy Palmer, Aston Martin Lagonda President and Group CEO, commented on the results.

“We remain pleased with the performance of DB11 and DBS Superleggera, however, the segment of the market in which Vantage competes is declining, and notwithstanding a growing market-share, Vantage demand remains weaker than our original plans,” Dr Andy Palmer continued.

“As a consequence, total wholesale volumes are down year-on-year as we balance growth, brand positioning and dealer inventories. Additionally, we are taking actions to control our costs through an efficiency programme.”

Dr Andy Palmer said: “DBX development is progressing well, with the global launch in Beijing on 20 November. The first production trial build has been completed, and St Athan commissioned, with start of production due in Q2 2020 as planned.”

The company also posted a pre-tax loss in its half year results back in July, sending shares down.

Shares in Aston Martin Lagonda Global Holdings plc (LON:AML) were trading at -2.25% as of 11:59 GMT Thursday.