{"id":45371,"date":"2023-08-07T08:17:41","date_gmt":"2023-08-07T12:17:41","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/rivian-earnings-wall-street-eyes-1-billion-in-q2-revenue-for-ev-maker\/"},"modified":"2023-08-07T08:17:43","modified_gmt":"2023-08-07T12:17:43","slug":"rivian-earnings-wall-street-eyes-1-billion-in-q2-revenue-for-ev-maker","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=45371","title":{"rendered":"Rivian earnings: Wall Street eyes $1 billion in Q2 revenue for EV maker"},"content":{"rendered":"
\n

Rivian Automotive Inc. is slated to report second-quarter earnings after the bell on Tuesday, with Wall Street expecting the EV maker\u2019s revenue to hit $1 billion after blowout quarterly production and sales numbers. <\/p>\n

Rivian
\n RIVN,
\n -4.68%<\/bg-quote>
\n last month surprised Wall Street by reporting second-quarter sales that were up about 60% quarter-on-quarter, and production about 50% higher as well, and crucially kept its 2023 production guidance of 50,000 vehicles. <\/p>\n

\n

Related: <\/strong>Fisker\u2019s stock turns lower as EV maker\u2019s production miss overshadows narrower quarterly loss<\/p>\n

\u201cWith nearly 14,000 vehicles built and 12,640 delivered in the last quarter, the company should have revenue in excess of $1 billion\u201d in the quarter, said Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions.<\/p>\n

\u201cRivian\u2019s losses have progressively dropped and their losses on net income will need to be under $1 billion in the quarter to keep investors happy,\u201d Fiorani said.<\/p>\n

Here\u2019s what to expect:<\/p>\n

Earnings:<\/strong> Analysts polled by FactSet expect Rivian to report an adjusted loss $1.43 a share, which would be narrower than the loss of $1.62 a share in the second quarter of 2022. <\/p>\n

Revenue:<\/strong> The expectations are indeed for $1 billion in revenue, according to FactSet. That would be close to tripling the revenue of $365 million in the second quarter of 2022. <\/p>\n

Stock movement:<\/strong> Rivian shares have been on a tear recently, up 95% in the last three months, which compares with an advance of about 10% for the S&P 500 index
\n SPX
\n in the same period. <\/p>\n

That outperformance holds so far this year, albeit less so \u2014 the stock is up about 37% so far this year, and the S&P has gained around 17%. <\/p>\n

What else to expect:<\/strong> Rivian recently added new options for customers, offering models and trims that are about $8,000 cheaper. <\/p>\n

\u201cImportantly, these numbers are both under the $80,000 [manufacturer\u2019s suggested retail price] cap needed to qualify for the U.S. EV tax credit from the Inflation Reduction Act,\u201d Emmanuel Rosner with Deutsche Bank said in a recent note. <\/p>\n

Investors also will be keen to see if Rivian continues to be on a road to recovery from supply-chain-related production problems earlier this year. <\/p>\n

George Gianarikas at Canaccord Genuity said in a recent note he expects \u201ca continued message of stabilization and optimism.\u201d <\/p>\n

\u201cWe continue to believe Rivian is on its way to capturing its fair share of the EV market over time through a sound, thorough vertically integrated strategy that should lead to a desirable customer experience and strong profitability over time,\u201d the analyst said.<\/p>\n

Rivian executives, including Chief Executive RJ Scaringe and Chief Financial Officer Claire McDonough, are holding a conference call with analysts after the results are out. The call will be webcast. <\/p>\n

Finally, any color around the rollout of Rivian\u2019s second EV, its R1S SUV, will be welcomed. The SUV appeals to a wider audience than the R1T pickup, and a smooth roll-out of that model \u201cwill be key to the company reaching profitability,\u201d AutoForecasts Solutions\u2019 Fiorani said. <\/p>\n

\u201cMore competition is arriving in this already competitive market, so the next year will be crucial to the company\u2019s long-term success. A positive report for the second quarter is a necessary first step,\u201d he said. <\/p>\n

Don\u2019t miss:<\/strong> Nikola\u2019s stock tumbles 14% after revenue, deliveries outlook slashed<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Rivian Automotive Inc. is slated to report second-quarter earnings after the bell on Tuesday, with Wall Street expecting the EV maker\u2019s revenue to hit $1 billion after blowout quarterly production and sales numbers. Rivian RIVN, -4.68% last month surprised Wall Street by reporting second-quarter sales that were up about 60% quarter-on-quarter, and production about 50% […]<\/p>\n","protected":false},"author":1,"featured_media":45372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-45371","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nRivian earnings: Wall Street eyes $1 billion in Q2 revenue for EV maker | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Rivian Automotive Inc. is slated to report second-quarter earnings after the bell on Tuesday, with Wall Street expecting the EV maker\u2019s revenue to hit $1\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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