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Bond Market News
JLR Reports Solid Quarterly Numbers with Record Revenues and 80% Profit Jump
May 13, 2024
Jaguar Land Rover (JLR) reported an 80% YoY jump in its pre-tax quarterly profits to £661mn ($828mn) on the back of record quarterly revenues of £7.9bn ($9.9bn). The CEO Adrian Mardell said that JLR “begun to resolve some big issues, particularly in our home market”. After seeing a large order backlog due to the global chip shortage, JLR met a large chunk of the orders with a backlog of 133k by end-March (vs. a peak backlog of 215k in January 2023). JLR expects to cut net debt to zero in fiscal year 2025, although it has raised investment spending to £3.5bn ($4.4bn).
JLR’s dollar bonds were trading stable with its 5.5% 2029s at 95.08, yielding 6.64%.
JLR’s 4.5% 2027s, 5.875% 2028s and 5.5% 2029s have recently been added on BondbloX and are available for trading in sizes of $1,000.
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