Aston Martin Lagonda Global 3Q Loss Doubled; Lowers 2022 Guidance
02 November 2022 - 7:14PM
Dow Jones News
By Kyle Morris
Aston Martin Lagonda Global Holdings PLC said Wednesday that its
loss for the third quarter more than doubled amid supply-chain
challenges and foreign exchange revaluations and it lowered its
guidance for the full year.
The U.K. luxury-car maker said its pretax loss for the three
months was 225.9 million pounds ($259.4 million) compared with a
loss of GBP97.9 million a year prior. During the nine months to
date, the company has booked a GBP245 million negative non-cash
foreign exchange revaluation of U.S. dollar-denominated debt as the
pound weakened against the dollar, it said. It added that it was
also dealing with supply chain and logistics disruption as well as
inflationary pressures
Revenue for the quarter was GBP315.5 million compared with
GBP237.6 million a year earlier.
The company lowered its guidance for the full year, with
wholesales growth now seen at 6,200-6,600 units, from 6,600 units
previously. Adjusted earnings before interest, taxes, depreciation
and amortization--which strip out exceptional and other one-off
items--margin is now seen growing around 100 basis points-300 basis
points, from around 350bps to 450bps before.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
November 02, 2022 03:59 ET (07:59 GMT)
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