{"id":46484,"date":"2023-08-09T18:29:52","date_gmt":"2023-08-09T22:29:52","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/rivian-beats-earnings-estimates-raises-guidance-the-stock-is-falling\/"},"modified":"2023-08-09T18:29:55","modified_gmt":"2023-08-09T22:29:55","slug":"rivian-beats-earnings-estimates-raises-guidance-the-stock-is-falling","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46484","title":{"rendered":"Rivian Beats Earnings Estimates, Raises Guidance. The Stock Is Falling."},"content":{"rendered":"
\n
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<\/div>\n<\/figure><\/div>\n

The EV start-up
\n Rivian Automotive
\n delivered second-quarter results that beat Wall Street estimates and raised its forecast for production for the full year. Shares were falling in after-hours trading anyway. <\/p>\n

The numbers look solid. Some profit-taking might be to blame. <\/p>\n

\n

Tuesday evening, Rivian (ticker: RIVN) reported a per-share loss of $1.08 from sales of $1.1 billion, while Wall Street had been looking for a per-share loss of $1.43 from sales of $1.1 billion. A year ago, Rivian lost $1.62 a share from sales of just $95 million.<\/p>\n

For the full year, Rivian now expects to produce 52,000 vehicles. It said in May it expected to produce 50,000. <\/p>\n

Shares were up just after the results were released. The stock has given up gains and is down more than 3%, at $24, in after-hours trading. Rivian stock gained 2.1% in regular Tuesday trading, while the
\n S&P 500
\n and
\n Nasdaq Composite
\n fell 0.4% and 0.8%, respectively. <\/p>\n

Numbers look pretty good, but starting points matter. Rivian shares have been hot lately. Through Tuesday\u2019s trading, Rivian stock was up almost 80% over the past three months. With a run like that it can take a lot to keep investors enthusiastic. <\/p>\n

The production guidance hike is good news. It may have been expected though. Rivian made 13,992\u00a0electric vehicles in the\u00a0second quarter\u00a0and sold 12,640 units. Those numbers were both roughly 10% better than Wall Street expected. <\/p>\n

If Rivian simply maintained its second-quarter production rate in the third and fourth quarters, it would have ended up making about 51,000 units. The new guidance implies slightly higher quarter-to-quarter production. <\/p>\n

Rivian used about $1.6 billion in cash in the second quarter. Wall Street was looking for cash use of about $1.5 billion. The company used about $1.8 billion of cash in the first quarter. <\/p>\n

Wall Street projects cash used to total about $2.8 billion for the third and fourth quarters combined. Things look as expected, but investors would like to see costs coming down. <\/p>\n

Rivian did reduce its full-year adjusted Ebitda loss to $4.2 billion from prior guidance of $4.3 billion. It\u2019s a small change, but a change in the right direction. <\/p>\n

Ebitda is short for earnings before interest, taxes, depreciation, and amortization. <\/p>\n

Rivian ended the second quarter with roughly $10.2 billion in cash on its books, down from about $12 billion at the end of the first quarter. That is enough to last for a couple of years based on current usage rates. Wall Street, and investors, expect Rivian to need more capital eventually. Positive full-year free cash flow isn\u2019t projected by the Street until 2027. <\/p>\n

Investors and analysts can discuss costs and production when management hosts a conference call at 5 p.m. Eastern time to discuss the results. <\/p>\n

Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

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

The EV start-up Rivian Automotive delivered second-quarter results that beat Wall Street estimates and raised its forecast for production for the full year. Shares were falling in after-hours trading anyway. The numbers look solid. Some profit-taking might be to blame. Tuesday evening, Rivian (ticker: RIVN) reported a per-share loss of $1.08 from sales of $1.1 […]<\/p>\n","protected":false},"author":1,"featured_media":46485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-46484","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nRivian Beats Earnings Estimates, Raises Guidance. 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