Rivian (RIVN) earnings This fall 2021

Shares of Rivian Automotive tumbled in after-hours buying and selling Thursday after the corporate missed Wall Avenue’s fourth-quarter earnings expectations and forecast a modest enhance in automobile manufacturing for 2022.

Shares of the automaker have been down by greater than 14%, after earlier hitting a brand new 52-week low Thursday.

Rivian stated it expects to provide 25,000 electrical vehicles and SUVs this 12 months, as the electrical automobile start-up battles by means of provide chain constraints and inner manufacturing snags. It stated reservations for its automobiles have reached about 83,000 as of March 8, up from 71,000 in December.

“Within the quick time period, we aren’t proof against the availability chain points which have challenged all the trade. These points, which we imagine will proceed by means of no less than 2022, have added a layer of complexity to our manufacturing ramp-up,” the corporate stated in a letter to shareholders Thursday.

The rise in manufacturing will come alongside an working lack of $4.75 billion and capital expenditures of $2.6 billion this 12 months, the corporate forecasted Thursday when reporting its fourth-quarter outcomes.

This is how Rivian carried out, in contrast with analysts’ estimates as compiled by Refinitiv:

• Adjusted loss per share: $2.43 vs. $1.97 a share anticipated
• Income: $54 million vs. $60 million anticipated

For 2022, Refintiv consensus estimates put Rivian’s full-year adjusted loss per share at $4.97 and income at about $3.16 billion. Rivian didn’t disclose a income forecast.

The corporate stays financially sound, with $18.4 billion in money available on the finish of final 12 months. Rivian has stated it expects capital expenditures to be about $8 billion by means of the top of 2023.

Shares of Rivian, which went public in November, are down about 60% this 12 months, after the corporate missed production targets for 2021.

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