Rivian Automotive, Inc. (RIVN - Free Report) is slated to release first-quarter 2023 results on May 9, after market close. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at $1.51 and $686.82 million, respectively.
For the first quarter, the consensus estimate for RIVN’s loss per share has widened by a cent in the past seven days. Its bottom-line estimates imply a decline of 5.59% from the year-ago reported numbers. The Zacks Consensus Estimate for its quarterly revenues suggests a year-over-year increase of 622.96%. Over the trailing four quarters, RIVN surpassed earnings estimates in three of the trailing four quarters and missed in one, the average negative surprise being 2.94%. This is depicted in the graph below:
Q4 Highlights
In fourth-quarter 2022, RIVN’s adjusted loss per share of $1.73 was narrower than the consensus mark of a loss of $1.89. The bottom line also narrowed from the year-ago loss of $2.43 a share. Total revenues came in at $663 million, missing the consensus mark of $714 million but improving from $536 million generated in the third quarter of 2022.
Earnings Whispers
Our proven model predicts an earnings beat for the electric vehicle (EV) maker for the quarter to be reported. A combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is the case here, as elaborated below.
Earnings ESP: RIVN has an Earnings ESP of +0.84%. This is because the Most Accurate Estimate for loss is 2 cents narrower than the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: It currently carries a Zacks Rank #3.
Factors at Play
Rivian delivered 7,946 vehicles in the first quarter of 2023. It produced 9,395 vehicles at its manufacturing facility in Normal, IL, during the three months, ended Mar 31, 2023. The production and delivery numbers witnessed an uptick from the first-quarter 2022 levels. In the first quarter of 2022, the company produced 2,553 vehicles and delivered 1,227 vehicles. Higher deliveries are likely to have boosted revenues in the yet-to-be-reported quarter.
During the fourth quarter, research and development expenses for Rivian came down to $402 million from a year ago’s level of $726 million. Also, selling, general and administrative (SG&A) expenses came down to $393 million from the previous level of $682 million. Increasing cost efficiency is likely to have benefited Rivian in the to-be-reported quarter.
Earnings Whispers for Peers
Lucid Group (LCID - Free Report) is scheduled to report first quarter earnings on May 8. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pegged at a loss of 38 cents per share. The company has an Earnings ESP of -12.00% and a Zacks Rank #4 (Sell).
LCID surpassed earnings estimates in two out of the trailing four quarters while missing in the other two in fiscal year 2022, the average surprise being 21.14%.
Nikola (NKLA - Free Report) is scheduled to report first-quarter earnings on May 9. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pegged at a loss of 28 cents per share. The company has an Earnings ESP of 0.00% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
NKLA surpassed earnings estimates in all of the trailing four quarters in fiscal year 2022, the average surprise being 19.35%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
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Rivian Automotive, Inc. (RIVN - Free Report) is slated to release first-quarter 2023 results on May 9, after market close. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at $1.51 and $686.82 million, respectively.
For the first quarter, the consensus estimate for RIVN’s loss per share has widened by a cent in the past seven days. Its bottom-line estimates imply a decline of 5.59% from the year-ago reported numbers. The Zacks Consensus Estimate for its quarterly revenues suggests a year-over-year increase of 622.96%. Over the trailing four quarters, RIVN surpassed earnings estimates in three of the trailing four quarters and missed in one, the average negative surprise being 2.94%. This is depicted in the graph below:
Q4 Highlights
In fourth-quarter 2022, RIVN’s adjusted loss per share of $1.73 was narrower than the consensus mark of a loss of $1.89. The bottom line also narrowed from the year-ago loss of $2.43 a share. Total revenues came in at $663 million, missing the consensus mark of $714 million but improving from $536 million generated in the third quarter of 2022.
Earnings Whispers
Our proven model predicts an earnings beat for the electric vehicle (EV) maker for the quarter to be reported. A combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is the case here, as elaborated below.
Earnings ESP: RIVN has an Earnings ESP of +0.84%. This is because the Most Accurate Estimate for loss is 2 cents narrower than the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: It currently carries a Zacks Rank #3.
Factors at Play
Rivian delivered 7,946 vehicles in the first quarter of 2023. It produced 9,395 vehicles at its manufacturing facility in Normal, IL, during the three months, ended Mar 31, 2023. The production and delivery numbers witnessed an uptick from the first-quarter 2022 levels. In the first quarter of 2022, the company produced 2,553 vehicles and delivered 1,227 vehicles. Higher deliveries are likely to have boosted revenues in the yet-to-be-reported quarter.
During the fourth quarter, research and development expenses for Rivian came down to $402 million from a year ago’s level of $726 million. Also, selling, general and administrative (SG&A) expenses came down to $393 million from the previous level of $682 million. Increasing cost efficiency is likely to have benefited Rivian in the to-be-reported quarter.
Earnings Whispers for Peers
Lucid Group (LCID - Free Report) is scheduled to report first quarter earnings on May 8. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pegged at a loss of 38 cents per share. The company has an Earnings ESP of -12.00% and a Zacks Rank #4 (Sell).
LCID surpassed earnings estimates in two out of the trailing four quarters while missing in the other two in fiscal year 2022, the average surprise being 21.14%.
Nikola (NKLA - Free Report) is scheduled to report first-quarter earnings on May 9. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pegged at a loss of 28 cents per share. The company has an Earnings ESP of 0.00% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
NKLA surpassed earnings estimates in all of the trailing four quarters in fiscal year 2022, the average surprise being 19.35%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry
Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
>>Send me my free report on the top 5 EV stocks<<
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