{"id":46335,"date":"2023-08-09T10:32:41","date_gmt":"2023-08-09T14:32:41","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/rivians-stock-flat-after-ev-maker-raises-production-guidance\/"},"modified":"2023-08-09T10:32:43","modified_gmt":"2023-08-09T14:32:43","slug":"rivians-stock-flat-after-ev-maker-raises-production-guidance","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46335","title":{"rendered":"Rivian\u2019s stock flat after EV maker raises production guidance"},"content":{"rendered":"
\n

This update corrects EPS numbers for Rivian. <\/p>\n

Rivian Automotive Inc. shares were flat in the extended session Tuesday after the EV maker reported a narrower-than-expected quarterly loss, revenue that beat Wall Street expectations, and called for higher production numbers this year. <\/p>\n

\n

Rivian
\n RIVN,
\n -7.38%<\/bg-quote>
\n stock had dropped immediately after the results but turned direction as company executives spoke on a call with analysts, and closed the after-hours session at $24.80, even with where they ended the regular trading day.<\/p>\n

They highlighted Rivian\u2019s cost-savings steps and the goal of turning a gross profit next year, reassured investors about continued demand for their pricey EVs, and highlighted the higher production outlook for the year. At last check, the stock was up 1% after hours.<\/p>\n

Rivian \u201cachieved meaningful reductions\u201d in its vehicles, including its last-mile electric delivery van, \u201cacross key components, including material costs, manufacturing labor, overhead and logistics,\u201d Rivian\u2019s Chief Executive RJ Scaringe said during the call. <\/p>\n

\u201cMaintaining our cost-reduction efforts through consistent focus and collaboration across all levels of the company is a core part of the culture we\u2019re building,\u201d he said.<\/p>\n

Rivian lost $1.2 billion, or $1.88 a share, in the second quarter, compared with a loss of $1.7 billion, or $1.89 a share, a year ago. Adjusted for one-time items, Rivian lost $1.08 a share. <\/p>\n

Revenue rose to $1.12 billion thanks to quarterly sales that exceeded expectations, the company said. <\/p>\n

FactSet consensus called for a loss of $1.43 a share for Rivian on sales of $1.02 billion. <\/p>\n

Rivian bumped its 2023 production outlook to 52,000 vehicles, from a previous expectations of 50,000 vehicles. <\/p>\n

The results were \u201call-around strong,\u201d Truist Securities analyst Jordan Levy said in a note Tuesday. <\/p>\n

Rivian saw improvements in gross margins, thanks to its production and cost-saving initiatives and that appears \u201cto be driving margin improvements faster than our prior expectations,\u201d Levy said. <\/p>\n

Rivian surprised Wall Street last month by announcing second-quarter deliveries that nearly tripled, and production data that more than tripled from a year ago.<\/p>\n

See also:<\/strong> Rivian\u2019s stock has been rocketing, and this analyst now urges a pause<\/p>\n

Rivian shares have gained 36% so far this year, compared with an advance of about 17% for the S&P 500 index
\n SPX.<\/span>\n <\/p>\n<\/p><\/div>\n<\/div>\n

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

This update corrects EPS numbers for Rivian. Rivian Automotive Inc. shares were flat in the extended session Tuesday after the EV maker reported a narrower-than-expected quarterly loss, revenue that beat Wall Street expectations, and called for higher production numbers this year. Rivian RIVN, -7.38% stock had dropped immediately after the results but turned direction as […]<\/p>\n","protected":false},"author":1,"featured_media":46336,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-46335","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nRivian\u2019s stock flat after EV maker raises production guidance | iFintechWorld<\/title>\n<meta name=\"description\" content=\"This update corrects EPS numbers for Rivian. 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