Rivian posts mixed fourth quarter and underwhelming EV production outlook, stock falls
Electric vehicle startup Rivian Automotive reported mixed fourth-quarter earnings and a lackluster production outlook after the bell Tuesday.
Shares of Rivian were down by roughly 8% during extended trading. The stock closed Tuesday at $19.30 a share, up 4.6% for the session.
Here’s how Rivian performed in the period, compared with analysts’ estimates as compiled by Refinitiv:
Adjusted loss per share: $1.73 vs. $1.94 estimated
Revenue: $663 million vs. $742.4 million estimated
Here’s how Rivian performed in the period, compared with analysts’ estimates as compiled by Refinitiv:
Adjusted loss per share: $1.73 vs. $1.94 estimated
Revenue: $663 million vs. $742.4 million estimated
For 2023, Rivian forecast vehicle production of 50,000 vehicles. That would be roughly double last year’s amount but below expectations of roughly 60,000, as estimated by several Wall Street analysts.
Rivian Quarterly vehicle deliveries :
Rivian Quarterly vehicle deliveries :
Rivian said it expects to achieve a positive gross profit in 2024. Net loss for the fourth quarter was $1.7 billion — a narrower result than the $2.5 billion loss it reported a year earlier.
As of the end of last year, the company had about $12.1 billion in cash remaining, down from $13.8 billion at the end of the third quarter and $15.5 billion as of June 30. Capital expenditures for the fourth quarter were $294 million compared to $455 million during the year-earlier period.
Rivian said while inflation has been a factor in its supply chain, it will continue to take steps to ramp up production and reduce material costs by slimming down its engineering and vehicle design, along with commercial cost-down efforts.
As of the end of last year, the company had about $12.1 billion in cash remaining, down from $13.8 billion at the end of the third quarter and $15.5 billion as of June 30. Capital expenditures for the fourth quarter were $294 million compared to $455 million during the year-earlier period.
Rivian said while inflation has been a factor in its supply chain, it will continue to take steps to ramp up production and reduce material costs by slimming down its engineering and vehicle design, along with commercial cost-down efforts.
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70595082 : should i add it to my watchlist?
RDK79 : I added this morning. Imho think the 15% dip is a bit over reaction. R1T and R1S are good EVs.
韭菜俩颗 70595082 : Just add, but don't buy
Ankur Tiwari OP 70595082 : yep , I agree
Ankur Tiwari OP RDK79 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
RDK79 RDK79 : Partial info I saw on tipranks today:
‘….Goldman Sachs analyst Mark Delaney maintained a Hold rating on Rivian Automotive yesterday and set a price target of $18.00. The company’s shares closed last Wednesday at $15.76, close to its 52-week low of $15.28.
According to TipRanks.com, Delaney is a 5-star analyst with an average return of 10.9% and a 59.3% success rate. Delaney covers the Technology sector, focusing on stocks such as Keysight Technologies, Sensata, and Cerence.
Currently, the analyst consensus on Rivian Automotive is a Moderate Buy with an average price target of $28.94, representing a 64.0% upside. In a report issued on February 24, Wells Fargo also maintained a Hold rating on the stock with a $18.00 price target.’