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Rivian (RIVN) earnings Q4 2022

Rivian electrical pickup vehicles sit in a parking zone at a Rivian service middle on Might 09, 2022 in South San Francisco, California. 

Justin Sullivan | Getty Photos

Electrical car startup Rivian Automotive reported blended fourth-quarter earnings and a lackluster manufacturing outlook after the bell Tuesday. Here is how Rivian carried out within the interval, in contrast with analysts’ estimates as compiled by Refinitiv:

  • Adjusted loss per share: $1.73 vs $1.94 estimated
  • Income: $663 million vs. $742.4 million estimated

The corporate reported an adjusted loss earlier than revenue, taxes, depreciation and amortization of practically $5.2 billion in 2022, narrower than steering of a $5.4 billion loss in November.

Rivian inventory closed Tuesday at $19.30 a share, up 4.6%. Following the outcomes, the inventory was down by about 5% throughout afterhours buying and selling.

For 2023, Rivian forecast car manufacturing of fifty,000 automobiles. That will be roughly double final yr’s quantity however beneath many analyst expectations of round 60,000.

“Provide chain continues to be the principle limiting issue of our manufacturing; in the course of the quarter we encountered a number of days of misplaced manufacturing on account of provider shortages. We count on provide chain challenges to persist into 2023 however with higher predictability relative to what was skilled in 2022,” the corporate stated in its letter to shareholders.

Rivian stated it expects to attain a constructive gross revenue in 2024. Rivian’s web loss for the fourth quarter was $1.7 billion, a narrower loss than the $2.5 billion it reported a yr earlier.

The outcomes observe tough instances for the electrical car startup which have included slower-than-expected manufacturing, surprising pricing strain and plans to put off 6% of its workforce in a bid to preserve money.

Rivian is specializing in ramping up manufacturing of its R1 truck and SUV in addition to an electrical supply van it builds for Amazon, its largest particular person shareholder.

That is breaking information. Please verify again for additional updates.