Rivian Q1 Earnings: What to Expect

Rivian Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) will report first-quarter 2023 earnings on May 9, after the market closes. The Consensus Estimate for loss per share and sales in the upcoming quarter is $1.51 and $686.82 million, respectively. Rivian stock has dipped more than 27% since the start of the year.

The consensus forecast for RIVN’s loss per share in the first quarter has expanded by a cent in the last seven days. Its bottom-line calculations indicate a 5.59% decrease from the previous year’s published figures. The Consensus Estimate for its quarterly revenues is 622.96% higher year over year. RIVN outperformed earnings projections in three of the previous four quarters and missed in one, with a 2.94% average negative surprise. 

Highlights of the Fourth Quarter

RIVN’s adjusted loss per share of $1.73 in the fourth quarter of 2022 was less than the consensus mark of $1.89. The loss per share was also reduced from $2.43 a share a year ago. Total sales was $663 million, missing the consensus estimate of $714 million but up from $536 million in the third quarter of 2022.

Factors at Work

In the first three months of 2023, Rivian delivered 7,946 automobiles. During the three months ending March 31, 2023, it produced 9,395 vehicles at its manufacturing facility in Normal, Illinois. The production and delivery figures increased from the first quarter of 2022. The company produced 2,553 automobiles and delivered 1,227 vehicles in the first quarter of 2022. Higher deliveries are anticipated to have increased revenues in the upcoming quarter.

Rivian’s research and development spending fell to $402 million in the fourth quarter, down from $726 million the previous year. In addition, selling, general, and administrative (SG&A) expenses were reduced from $682 million to $393 million. Increasing cost efficiency is anticipated to have aided Rivian in the upcoming quarter.

Lucid Group (NASDAQ:LCID) is set to release first-quarter results on May 8. The Consensus Estimate for profits per share in the upcoming quarter is a loss of 38 cents per share.

In the fiscal year 2022, LCID outperformed earnings projections in two of the previous four quarters while falling short in the other two, with a 21.14% average surprise.

On May 9, Nikola (NASDAQ:NKLA) will publish first-quarter earnings. The Consensus Estimate for profits per share in the upcoming quarter is a loss of 28 cents per share. 

NKLA outperformed profits projections in all four quarters of the fiscal year 2022, with an average surprise of 19.35%.

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About the author: Stephanie Bédard-Châteauneuf has over four years of experience writing financial content for various websites. Over the years, Stephanie has covered various industries, with a primary focus on consumer stocks, cannabis stocks, tech stocks, and personal finance. She has an MBA in finance.