From CNBC: 2024-11-07 16:27:19

Rivian Automotive misses third-quarter earnings expectations, leading to a lowered forecast for the year. Loss per share was 99 cents compared to an expected loss of 92 cents, with revenue at $874 million versus $990 million expected. The company anticipates a fourth-quarter positive gross profit after reporting a negative gross profit of $392 million in the third quarter.

Rivian expects adjusted earnings before interest, taxes, depreciation, and amortization to be between a loss of $2.83 billion and $2.88 billion, compared to previous guidance of around $2.7 billion loss. The net loss for the automaker narrowed to $1.1 billion from $1.37 billion year-over-year, with revenue dropping 34.6% due to supplier disruptions impacting production.

Last month, Rivian reduced its annual production forecast from 57,000 units to 47,000-49,000 due to disruptions. The company aims for a “modest positive gross profit” in the fourth quarter after a negative gross profit of $392 million in the third quarter. Stay tuned for updates on this developing story.



Read more at CNBC: Rivian (RIVN) earnings Q3 2024