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Aston Martin, the iconic British luxury carmaker, predicts a decline in its 2024 core profit due to delays in delivering its ultra-exclusive Valiant models. The company foresees its adjusted EBITDA to fall between £270 million and £280 million, down from the £305.9 million recorded last year. Only half of the 38 Valiant models are expected to be delivered by year-end, contrary to the initial majority expectation. CEO Adrian Hallmark emphasized ongoing efforts to rebalance production and delivery to better position the company for future profitability.
The company has faced challenges such as reduced demand in China and supply chain disruptions impacting manufacturing timelines. This led to a production cut of approximately 1,000 vehicles in September. Despite these setbacks, Aston Martin reported a smaller-than-expected loss in the third quarter, thanks to strategic measures to curb losses. The firm maintains its focus on 2025 goals, aiming for around £2 billion in revenue and generating targeted free cash flow. To support its financial strategies, Aston Martin plans to raise £210 million through an equity and debt offering.
In other market news, European indices are expected to open with varied results on Wednesday, and earnings reports from Easyjet, along with German and French consumer confidence data, are due for release.
Original Story https://www.cnbc.com/2024/11/27/european-markets-live-updates-stocks-news-data-and-earnings.html
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