Rivian (RIVN) earnings Q4 2022
Rivian electrical pickup vans sit in a car parking zone at a Rivian service heart on Might 09, 2022 in South San Francisco, California.
Justin Sullivan | Getty Pictures
Electrical car startup Rivian Automotive reported combined fourth-quarter earnings and a lackluster manufacturing outlook after the bell Tuesday. Here is how Rivian carried out within the interval, in contrast with analysts’ estimates as compiled by Refinitiv:
- Adjusted loss per share: $1.73 vs $1.94 estimated
- Income: $663 million vs. $742.4 million estimated
The corporate reported an adjusted loss earlier than revenue, taxes, depreciation and amortization of almost $5.2 billion in 2022, narrower than steerage of a $5.4 billion loss in November.
Rivian inventory closed Tuesday at $19.30 a share, up 4.6%. Following the outcomes, the inventory was down by about 5% throughout afterhours buying and selling.
For 2023, Rivian forecast car manufacturing of fifty,000 automobiles. That will be roughly double final 12 months’s quantity however under many analyst expectations of round 60,000.
“Provide chain continues to be the primary limiting issue of our manufacturing; in the course of the quarter we encountered a number of days of misplaced manufacturing as a consequence of provider shortages. We count on provide chain challenges to persist into 2023 however with higher predictability relative to what was skilled in 2022,” the corporate stated in its letter to shareholders.
Rivian stated it expects to attain a optimistic gross revenue in 2024. Rivian’s web loss for the fourth quarter was $1.7 billion, a narrower loss than the $2.5 billion it reported a 12 months earlier.
The outcomes observe tough instances for the electrical car startup which have included slower-than-expected manufacturing, surprising pricing strain and plans to put off 6% of its workforce in a bid to preserve money.
Rivian is specializing in ramping up manufacturing of its R1 truck and SUV in addition to an electrical supply van it builds for Amazon, its largest particular person shareholder.
That is breaking information. Please verify again for additional updates.