Aston Martin's Q2 profit beats market view on special model sales
Rewrites paragraph 1 to add second-quarter results, updates share move in paragraph 2, analysts' comment in paragraph 3
July 24 (Reuters) -British luxury carmaker Aston Martin AML.L reported forecast-beating second-quarter profits on Wednesday, powered by stronger sales to dealers of some exclusive models, as it reiterated guidance for hefty profit growth later this year.
Shares in Aston Martin, which have fallen about 30% so far this year, were up about 11% at 166.40 pence by 0822 GMT.
Goldman Sachs analysts said in a note that the group's stronger-than-expected performance in the last quarter could largely be attributed to more special models in the quarter than the brokerage had anticipated, supporting both average selling prices and gross margins.
Special editions of the Valkyrie and Valour feature among the exclusive models manufactured by the luxury carmaker.
The Gaydon, UK-based company reported an adjusted core profit of 42.3 million pounds for the three months ended June 30, down 16% year on year, but better than company-compiled analysts' estimates of 25 million pounds.
The year-on-year drop was attributed to the halt in production of old models ahead of the roll-out of fresh lines this year.
The company has launched several new cars over the past year including its next generation sports cars the DB12 and Vantage.
It said wholesale volumes will be heavily weighted to the second half of the year, resulting in "significant" year-on-year growth in core profit in the period, while reiterating its 2024 and medium-term guidance.
Aston Martin said first-half wholesale volumes fell 32% to 1,998 units, hurt by the group's planned transition to new Vantage and upgraded DBX707 models, both of which entered production only at the end of the second quarter.
On Tuesday, German luxury sports car maker Porsche AG P911_p.DE cut its sales and profit outlook due to an unexpected aluminium alloy supply shortage.
Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Subhranshu Sahu and Jan Harvey
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