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Rivian (RIVN) to Report Q2 Earnings: What's in the Cards?
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Rivian Automotive, Inc. (RIVN - Free Report) is slated to release second-quarter 2023 results on Aug 8, after market close. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at $1.41 and $978.88 million, respectively.
For the second quarter, the consensus estimate for RIVN’s loss per share has narrowed by 2 cents in the past seven days. Its bottom-line estimates imply a rise of 25.4% from the year-ago reported numbers. The Zacks Consensus Estimate for its quarterly revenues suggests a year-over-year increase of 168.92%. Over the trailing four quarters, RIVN surpassed earnings estimates in three of the trailing four quarters and missed in one, the average surprise being 6.08%. This is depicted in the graph below:
In first-quarter 2023, RIVN’s adjusted loss per share of $1.25 was narrower than the consensus mark of a loss of $1.51. The bottom line also narrowed from the year-ago loss of $1.43 per share. Total revenues came in at $661 million, missing the consensus mark of $696 million but improving from $95 million generated in the first quarter of 2022.
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 +0.75%. This is because the Most Accurate Estimate for loss is one cent 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.
Rivian delivered 12,640 vehicles in the second quarter of 2023. It produced 13,992 vehicles at its manufacturing facility in Normal, IL, during the three months, ended Jun 30, 2023. The production and delivery numbers witnessed an uptick from the second-quarter 2022 level. In the second quarter of 2022, the company produced 4,401 vehicles and delivered 4,467 vehicles. Higher deliveries are likely to have boosted revenues in the quarter under review.
During the first quarter, research and development expenses for Rivian came down to $496 million from a year-ago level of $547 million. Also, selling, general and administrative (SG&A) expenses came down to $402 million from the previous level of $530 million. The reported loss from operations was $1,433 million in the first quarter of 2023, narrower than the loss of $1,579 million in the same period of 2022. Also, the net loss for the first quarter of 2023 was $1,349 million, narrower than the loss of $1,593 million for the same period last year.
Increasing cost efficiency and narrowing loss are likely to have benefited Rivian in the to-be-reported quarter.
Earnings Whispers for Peers
Lucid Group (LCID - Free Report) is scheduled to report second-quarter earnings on Aug 7. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pegged at a loss of 35 cents per share. The company has an Earnings ESP of 0.00% and a Zacks Rank #2.
LCID surpassed earnings estimates in one out of the trailing four quarters while missing in the remaining three, the average negative surprise being 2.26%.
Nikola (NKLA - Free Report) is scheduled to report second-quarter earnings on Aug 3. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pegged at a loss of 24 cents per share. The company has an Earnings ESP of 0.00% and a Zacks Rank #2.
NKLA surpassed earnings estimates in all of the trailing four quarters, the average surprise being 15.58%.
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Rivian (RIVN) to Report Q2 Earnings: What's in the Cards?
Rivian Automotive, Inc. (RIVN - Free Report) is slated to release second-quarter 2023 results on Aug 8, after market close. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at $1.41 and $978.88 million, respectively.
For the second quarter, the consensus estimate for RIVN’s loss per share has narrowed by 2 cents in the past seven days. Its bottom-line estimates imply a rise of 25.4% from the year-ago reported numbers. The Zacks Consensus Estimate for its quarterly revenues suggests a year-over-year increase of 168.92%. Over the trailing four quarters, RIVN surpassed earnings estimates in three of the trailing four quarters and missed in one, the average surprise being 6.08%. This is depicted in the graph below:
Rivian Automotive, Inc. Price and EPS Surprise
Rivian Automotive, Inc. price-eps-surprise | Rivian Automotive, Inc. Quote
Q1 Highlights
In first-quarter 2023, RIVN’s adjusted loss per share of $1.25 was narrower than the consensus mark of a loss of $1.51. The bottom line also narrowed from the year-ago loss of $1.43 per share. Total revenues came in at $661 million, missing the consensus mark of $696 million but improving from $95 million generated in the first quarter of 2022.
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 +0.75%. This is because the Most Accurate Estimate for loss is one cent 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 #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors at Play
Rivian delivered 12,640 vehicles in the second quarter of 2023. It produced 13,992 vehicles at its manufacturing facility in Normal, IL, during the three months, ended Jun 30, 2023. The production and delivery numbers witnessed an uptick from the second-quarter 2022 level. In the second quarter of 2022, the company produced 4,401 vehicles and delivered 4,467 vehicles. Higher deliveries are likely to have boosted revenues in the quarter under review.
During the first quarter, research and development expenses for Rivian came down to $496 million from a year-ago level of $547 million. Also, selling, general and administrative (SG&A) expenses came down to $402 million from the previous level of $530 million. The reported loss from operations was $1,433 million in the first quarter of 2023, narrower than the loss of $1,579 million in the same period of 2022. Also, the net loss for the first quarter of 2023 was $1,349 million, narrower than the loss of $1,593 million for the same period last year.
Increasing cost efficiency and narrowing loss are likely to have benefited Rivian in the to-be-reported quarter.
Earnings Whispers for Peers
Lucid Group (LCID - Free Report) is scheduled to report second-quarter earnings on Aug 7. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pegged at a loss of 35 cents per share. The company has an Earnings ESP of 0.00% and a Zacks Rank #2.
LCID surpassed earnings estimates in one out of the trailing four quarters while missing in the remaining three, the average negative surprise being 2.26%.
Nikola (NKLA - Free Report) is scheduled to report second-quarter earnings on Aug 3. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pegged at a loss of 24 cents per share. The company has an Earnings ESP of 0.00% and a Zacks Rank #2.
NKLA surpassed earnings estimates in all of the trailing four quarters, the average surprise being 15.58%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.