Latest news with #losses


France 24
14 hours ago
- Automotive
- France 24
Aston Martin pares outlook as US tariffs weigh
The group narrowed its losses after tax to £148.8 million ($198.8 million) in the first half of the year, from £207.8 million in the period a year earlier. However, it expects full-year adjusted underlying earnings to improve only "towards breakeven", having previously forecast growth. Revenues dropped 25 percent to £454.4 million in the first six months of the year. Shares in Aston Martin slid more than five percent on London's second-tier FTSE 250. Automakers have been among the companies hit hardest by Trump's tariffs onslaught as he tries to bring auto production back to the United States. Aston Martin limited imports to the United States in April and May while awaiting a trade agreement between London and Washington. It resumed shipments in June after the deal slashed tariffs on UK car exports to 10 percent from 27.5 percent, on a limit of 100,000 vehicles annually. Aston Martin's chief executive Adrian Hallmark on Wednesday urged the UK government "to improve the quota mechanism to ensure fair access for the whole UK car industry to the 10 percent rate". The company added that it expected to sell its minority stake in the Aston Martin Aramco Formula One team for £110 million in the third quarter. "Aston Martin has spent decades proving that it is easier to make cars than money," said Steve Clayton, head of equity funds at Hargreaves Lansdown. He added that "the group's operational performance should benefit from their ongoing restructuring efforts". Aston Martin said in February that it would cut about five percent of its workforce as weak Chinese demand contributed to widened losses in 2024.


Bloomberg
18 hours ago
- Business
- Bloomberg
UBS CEO Says Clients' FX Losses Don't Signal Governance Issues
UBS Group AG Chief Executive Officer Sergio Ermotti said that the steep losses incurred by clients on complex currency derivatives don't point to deeper problems at the Swiss lender. 'The situation is not indicating to me any issues around governance or suitability controls' at UBS, Ermotti told Bloomberg TV on Wednesday when asked about the matter. Instead, he said the derivatives losses were 'the unfortunate outcome of people not using it in the right way.'


Bloomberg
19 hours ago
- Automotive
- Bloomberg
Nissan Warns of More Losses on Turnaround Plan, Tariff Headwinds
Nissan Motor Co. warned of sizable losses ahead as the embattled carmaker pushes forward with its costly turnaround plan and grapples with the fallout of US President Donald Trump's tariffs on car imports. The carmaker forecast ¥180 billion ($1.2 billion) in operating losses for the first half of the fiscal year ending March 2026, it said Wednesday. It didn't give a full-year figure, though analysts estimate it will report a ¥234 billion loss for the year.


Reuters
2 days ago
- Business
- Reuters
UBS orders bankers to scale back sale of complex currency products, FT reports
July 29 (Reuters) - UBS (UBSG.S), opens new tab has ordered bankers to scale back sales of complex currency derivatives after its clients suffered heavy losses due to U.S. President Donald Trump's "Liberation day" tariff announcements, the Financial Times reported on Tuesday. Reuters could not immediately verify the report. UBS did not immediately respond to a request for comment.
Yahoo
22-07-2025
- Business
- Yahoo
Lockheed Martin Stock Stumbles as Defense Contractor Cuts Forecast
NurPhoto / Getty Images Lockheed Martin recognized $950 million in pre-tax losses tied to a classified aeronautics program Lockheed Martin (LMT) stock tumbled Tuesday as the defense contractor reported $1.6 billion in losses across a range of programs and slashed its full-year profit forecast. Shares of Lockheed were down 8% in recent trading. The stock is down about 12% this year. A classified program in Lockheed's aeronautics program that faced "design, integration, and test challenges" led to recognize $950 million in pre-tax losses, the company said. The company reported another $570 million losses on an international helicopter program. The losses, CEO Jim Chaiclet said, "are a necessary step as we continue to take action to improve program execution." The company now expects full-year earnings per share of $21.70 to $22, down from a prior estimate of $27 to $27.30. Lockheed maintained its sales outlook of $73.75 billion to $74.75 billion, which is in line with the Visible Alpha analyst consensus. In the second quarter, Lockheed reported revenue of $18.16 billion, up less than 1% year-over-year and short of the analyst consensus. The company's net income fell to $342 million, or $1.46 per share, from $1.6 billion, or $6.85 per share, largely due to the program losses. Read the original article on Investopedia