Aston Martin Stock Down 11% After Report of First-Half Loss
Aston Martin
Shares of car maker Aston Martin (ARGGY) were down double digits Wednesday after the company reported that it swung to a first-half loss.
The British luxury-vehicle maker reported a pretax loss of 78.8 million pounds ($95.7 million) against a profit of 20.8 million pounds in the year-earlier period.
First half revenue came in at 407.9 million pounds, down 4% from 424.9 million.
Both retail and wholesale volumes have increased year on year, Chief Executive Andy Palmer said in a statement. But "our projections for wholesales have fallen short of our original targets, impacted by weakness in two of our key markets [and] continued macroeconomic uncertainty."
Those markets are the U.K., where the company saw wholesale units decline by 17%, and Europe-Middle East-Africa excluding the U.K, which saw wholesale units decline 19% year over year.
Aston Martin shares were down 11% to $6.21 Wednesday.
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