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McLaren Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary21 Nov, 2024
Executive summary
Revenue for the nine months to September 2024 rose 80% year-over-year to £618 million, driven by higher volumes, a refreshed product lineup, and strong demand for models like 750S and Artura, especially in North America and Europe.
Wholesale volumes increased 55% year-over-year to 2,429 units, with stable production supporting a full-year forecast of around 3,200 vehicles, the highest since 2019.
The W1 supercar was launched as a limited edition, all 399 units fully allocated at $2 million each, with deliveries starting in 2026.
Operating loss before depreciation and amortisation improved to £18.1m from £142.6m, and net loss reduced to £85.5m from £279.5m year-over-year.
Liquidity position strengthened to £185 million at September 2024, supported by a £135 million share issue and a new $200 million term loan facility.
Financial highlights
Revenue for the nine months to September 2024 reached £618 million, up over 80% from 2023.
Gross profit rose to £159 million (26% margin) from £14 million (4% margin) year-over-year.
EBITDA improved by £129 million year-to-date, with EBITDA loss reduced to £(19)m from £(148)m.
Net finance costs fell to £11.8 million, mainly due to FX retranslation of USD bonds.
Operating cash flow turned positive at £48.3 million, up by over £300 million year-over-year, driven by EBITDA improvement and working capital gains.
Outlook and guidance
Full-year 2024 vehicle volumes expected around 3,200, up 50% year-over-year, with revenue growth outpacing volume growth due to a stronger product mix.
Q4 EBITDA expected to rebound to levels seen in Q1 and Q2.
CapEx for the full year projected at around £200 million, focused on new model development.
Continued focus on working capital efficiency and sustainable profitability into 2025.
Deliveries of the W1 hypercar to commence in 2026, with all units already allocated.
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Frequently asked questions
McLaren Holdings Limited, headquartered in Woking, England, operates through several divisions with a focus on high-performance automotive and motorsports sectors. The company's prominent division, McLaren Automotive, specializes in the production of luxury supercars known for their advanced engineering and design. McLaren Racing, another significant division, competes in prestigious motorsport events including the Formula 1 World Championship. The company also engages in applied technologies through its McLaren Applied division, which innovates across various high-tech industries. Its shares are listed on the London Stock Exchange.
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