Satisfactory third quarter for Aston Martin and Marriott
Both Aston Martin and Marriott have reported results well above their forecasts for the third quarter of this year 2021. The carmaker doubled its sales, while the hotel chain benefited from the recovery in leisure travel.
Aston Martin rebounds from difficult times
The British car manufacturer has had a prolific third quarter, with sales of vehicles to dealers soaring by 104% to 1,349 units.
It must be said that the group has come a long way. Even before the pandemic, Aston Martin was in serious financial trouble with its cash flow running out. Executive chairman Lawrence Stroll was forced to bring in new financing and to find a new development strategy. Profitability is back on track as the brand embarks on a transformation plan. On Thursday, annual sales forecasts of around 6,000 cars were maintained, while production of the Valkyrie model continues to increase.
“In the first nine months of this year, we have successfully built on the foundation that we put in place from 2020,” said Stroll. “Not only do we have a low dealer inventory, but it is also healthy and fresh, a testament to our move to ultra-luxury positioning.”
Leisure travel benefits Marriott
Marriott International also reported strong third-quarter results, beating revenue estimates on Wednesday, thanks to a strong rebound in leisure travel that helped counteract new restrictions in Asia caused by the Delta variant.
The company’s shares rose 4% to a record high on Thursday. According to the hotel operator, demand for leisure travel could continue to grow until 2022.
Occupancy rates in most major markets have improved from the pandemic lows thanks to vaccination and the reopening of economies. The recovery in China, however, has been slower and more turbulent, partly due to the country’s zero Covid policy. Nevertheless, global leisure travel remained strong throughout the quarter.
Occupancy in the JW Marriott and Ritz-Carlton owner’s key region of the US and Canada was 63.5% in the third quarter, up from 37% a year earlier. Occupancy in Europe was 46.7%, up 26.3% from the same period in 2020.
Revenues rose 75% to $3.95 billion, exceeding estimates of $3.81 billion.
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Featured photo : © Wikimedia Commons
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