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Aston Martin share price: Q1 disappoints but outlook improving

Aston Martin's share price is over 2% lower in early trading today, after the luxury car manufacturer posted poor numbers for the first quarter, as the pandemic severely impacted its manufacturing and sales operations

In the three-month period, total wholesale volumes fell to 578 vehicles, a 45% drop when compared with the same period last year. Revenue fell by 60% to £78.6 million. The operating loss was £76.7 million, and that was a big increase on the loss of £3.2 million one year ago. In terms of regions, APAC was the hardest hit as sales tumbled by 74%, and that was largely because China posted an 86% decline. The Americas and EMEA saw sales fall by 57% and 30% respectively, while the UK only registered a 3% dip.

On the bright side, 18 dealerships in China have reopened, so 15% of global dealerships are now in operation. In the next few weeks, production will begin on the new DBX model, and the firm is on track for delivery in the summer. The operation in Warwickshire should reopen in the near term, so the struggling company is moving in the right direction.

Aston Martin share price under pressure

Aston Martin’s share price took a knock in late February, when the company posted poor annual figures. The group swung to an operating loss of £36.7 million, from a profit of £72.8 million last year, and revenue slipped by 9% to £997.3 million To make matters worse, the net debt position jumped by 57% to £876.2 million. Aston performed poorly across most regions in terms of sales - EMEA and the UK fell by 28% and 21% respectively, while APAC registered a 6% decline. China confirmed that sales grew by 28%, which equated to 9% of total wholesales. The Americas saw sales jump by 16%.

The Aston Martin share price has come under serious pressure on account of the Covid-19 crisis. In March, the firm suspended operations, which resumed in St Athan last week. It's worth noting the car manufacturer had problems before the health crisis, and that’s why Aston Martin’s share price was hit so hard amid the Covid-19-related sell-off. The group issued profit warnings in January 2020 and in July 2019.

£530m raised in shake-up

The company has seen a bit of a shake-up recently as Vikram Bhatia took up the role as interim CEO last month. Mr Bhatia previously held the role for much of 2015, and the company will continue its search to fill the role in a permanent capacity. Aston Martin raised in excess of £530 million last month in a bid to bolster its balance sheet. The majority of the cash was raised through a rights issue, while a private placing from a consortium headed by Lawrence Stroll – F1 racing tycoon – accounted for the remainder of the financing. Mr Stroll is now the chairman of Aston Martin. Toto Wolff, the head of Mercedes F1, has made an investment in the company and his holding stands at 0.95%.

The Aston Martin share price has been in a downtrend recently and a break below the March lows might see it target the 30p zone. If it holds above the 35p area, it might recoup some of the recent losses.  


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