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Rivian (RIVN) to Report Q4 Earnings: Here's What to Expect
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Rivian Automotive, Inc. (RIVN - Free Report) is slated to release fourth-quarter 2023 results on Feb 21, after market close. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at $1.39 and $1.28 billion, respectively.
For the fourth quarter, the consensus estimate for RIVN’s loss per share has widened by 2 cents in the past 30 days. Its bottom-line estimates imply a rise of 19.7% from the year-ago reported number.
The Zacks Consensus Estimate for its quarterly revenues suggests a year-over-year increase of 93.5%. Over the trailing four quarters, RIVN surpassed earnings estimates in each of the trailing four quarters, the average surprise being 15.4%. This is depicted in the graph below:
In third-quarter 2023, RIVN’s adjusted loss per share of $1.44 was narrower than the consensus mark of a loss of $1.61. The bottom line also narrowed from the year-ago loss of $1.57 per share. Total revenues came in at $1.34 billion, outpacing the consensus mark of $1.30 billion and improving from $536 million generated in the third quarter of 2022.
Factors at Play
In the fourth quarter of 2023, Rivian produced and delivered 17,541 and 13,972 vehicles, up from 10,020 and 8,054 vehicles, respectively, recorded in the fourth quarter of 2022. Higher deliveries are likely to have boosted revenues in the to-be-reported quarter.
In the last reported quarter, the company reported a gross loss of $477 million, which was narrower than the gross loss of $917 million reported in the corresponding quarter of 2022. The company has made significant strides in reducing costs, leading to a notable improvement in its Adjusted EBITDA guidance, which is now projected at $(4) billion. The company reduced guidance for capital expenditures to $1.1 billion from the previous guidance of $1.7 billion. The trimmed projection for expenses is likely to buoy Rivian’s fourth-quarter result.
In the third quarter of 2023, the company’s net loss narrowed to $1.37 billion, from $1.72 billion reported in the corresponding quarter of 2022. The downward trend in losses is likely to have continued in the quarter under review, which may bolster the company’s upcoming results.
Earnings Whispers
Our proven model predicts an earnings beat for the electric vehicle 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 +0.72%. This is because the Most Accurate Estimate for loss of 1 cent is 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.
How Are Other Auto Stocks Poised Ahead of Earnings?
Lucid Group (LCID - Free Report) is scheduled to post fourth-quarter earnings on Feb 21. The Zacks Consensus Estimate is pegged at a loss of 28 cents per share. The company has an Earnings ESP of -14.29% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
LCID missed earnings estimates in each of the trailing four quarters, the average negative surprise being 7.70%.
Nikola Corporation (NKLA - Free Report) is scheduled to post fourth-quarter earnings on Feb 22. The Zacks Consensus Estimate is pegged at a loss of 16 cents per share. The company currently has an Earnings ESP of 0.00% and a Zacks Rank #3.
NKLA surpassed earnings estimates in three of the trailing four quarters and missed once, the average negative surprise being 14.16%.
Fisker Inc. is slated to post fourth-quarter earnings on Feb 26. The Zacks Consensus Estimate is pegged at a loss of 20 cents per share. The company has an Earnings ESP of 0.00% and a Zacks Rank #3 at present.
FSR surpassed earnings estimates in one of the trailing four quarters and missed thrice, the average negative surprise being 23.37%.
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Rivian (RIVN) to Report Q4 Earnings: Here's What to Expect
Rivian Automotive, Inc. (RIVN - Free Report) is slated to release fourth-quarter 2023 results on Feb 21, after market close. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at $1.39 and $1.28 billion, respectively.
For the fourth quarter, the consensus estimate for RIVN’s loss per share has widened by 2 cents in the past 30 days. Its bottom-line estimates imply a rise of 19.7% from the year-ago reported number.
The Zacks Consensus Estimate for its quarterly revenues suggests a year-over-year increase of 93.5%. Over the trailing four quarters, RIVN surpassed earnings estimates in each of the trailing four quarters, the average surprise being 15.4%. This is depicted in the graph below:
Rivian Automotive, Inc. Price and EPS Surprise
Rivian Automotive, Inc. price-eps-surprise | Rivian Automotive, Inc. Quote
Q3 Highlights
In third-quarter 2023, RIVN’s adjusted loss per share of $1.44 was narrower than the consensus mark of a loss of $1.61. The bottom line also narrowed from the year-ago loss of $1.57 per share. Total revenues came in at $1.34 billion, outpacing the consensus mark of $1.30 billion and improving from $536 million generated in the third quarter of 2022.
Factors at Play
In the fourth quarter of 2023, Rivian produced and delivered 17,541 and 13,972 vehicles, up from 10,020 and 8,054 vehicles, respectively, recorded in the fourth quarter of 2022. Higher deliveries are likely to have boosted revenues in the to-be-reported quarter.
In the last reported quarter, the company reported a gross loss of $477 million, which was narrower than the gross loss of $917 million reported in the corresponding quarter of 2022. The company has made significant strides in reducing costs, leading to a notable improvement in its Adjusted EBITDA guidance, which is now projected at $(4) billion. The company reduced guidance for capital expenditures to $1.1 billion from the previous guidance of $1.7 billion. The trimmed projection for expenses is likely to buoy Rivian’s fourth-quarter result.
In the third quarter of 2023, the company’s net loss narrowed to $1.37 billion, from $1.72 billion reported in the corresponding quarter of 2022. The downward trend in losses is likely to have continued in the quarter under review, which may bolster the company’s upcoming results.
Earnings Whispers
Our proven model predicts an earnings beat for the electric vehicle 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 +0.72%. This is because the Most Accurate Estimate for loss of 1 cent is 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.
How Are Other Auto Stocks Poised Ahead of Earnings?
Lucid Group (LCID - Free Report) is scheduled to post fourth-quarter earnings on Feb 21. The Zacks Consensus Estimate is pegged at a loss of 28 cents per share. The company has an Earnings ESP of -14.29% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
LCID missed earnings estimates in each of the trailing four quarters, the average negative surprise being 7.70%.
Nikola Corporation (NKLA - Free Report) is scheduled to post fourth-quarter earnings on Feb 22. The Zacks Consensus Estimate is pegged at a loss of 16 cents per share. The company currently has an Earnings ESP of 0.00% and a Zacks Rank #3.
NKLA surpassed earnings estimates in three of the trailing four quarters and missed once, the average negative surprise being 14.16%.
Fisker Inc. is slated to post fourth-quarter earnings on Feb 26. The Zacks Consensus Estimate is pegged at a loss of 20 cents per share. The company has an Earnings ESP of 0.00% and a Zacks Rank #3 at present.
FSR surpassed earnings estimates in one of the trailing four quarters and missed thrice, the average negative surprise being 23.37%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.