Shares in British luxury carmaker Aston Martin Lagonda Global Holdings PLC (LON: AML) fell sharply on Wednesday, plunging around 16% immediately after the release of the company’s third-quarter trading results. of 2023, but it was then able to… erase some of these heavy losses.
According to the business report, Aston Martin posted larger-than-expected quarterly losses, as its adjusted operating losses amounted to around £48.4 million (equivalent to $58.82 million), after recording revenues of £362.1 million for the third quarter as a whole.
This came after analyst estimates indicated on average that Aston Martin would record net revenues of around £370 million and adjusted operating losses of just £38 million, making the results extremely shocking and pushing the stock into these losses.
In addition, Aston Martin has also lowered its sales volume expectations for the full year 2023, due to certain problems in the production of its new DB12 sports car, as it now expects car production volume for this model in 2023 to reach 6,700 units, compared to its previous forecast, and has produced around 7,000 units.
However, Aston Martin added that it had resolved supplier readiness issues and delays in integrating its new platform that supports the now redesigned infotainment system, indicating that this will help to fully resume production, with demand remaining strong through to the second quarter of next year.
In trading terms, Aston Martin shares listed on the London Stock Exchange (LON: LSEG) fell by around 16.89% immediately after the publication of its disappointing trading results, recording £182.9, but its losses were subsequently reduced to 13.5%, with the share now trading at £191.62.