Wallstreet watches as Rivian (RIVN) on target for $1B quarter

Michigan-based Rivian Automotive (NASDAQ: RIVN) is scheduled to release their 2Q earnings results on Tuesday after the bell. Anticipation is high among investors as the electric vehicle manufacturer is expected to achieve a remarkable milestone with projected revenue reaching $1B, driven by impressive quarterly production and sales figures.

Last month, the company pleasantly surprised investors with its second-quarter sales soaring approximately 60% compared to the previous quarter, and production also experiencing a significant 50% increase. Moreover, the company crucially maintained its 2023 production guidance of 50,000 vehicles, adding to the positive outlook for the automaker.

“With nearly 14,000 vehicles built and 12,640 delivered in the last quarter, the company should have revenue in excess of $1 billion” in the quarter, said Sam Fiorani of AutoForecast Solutions.

The street consensus expects Rivian to report a 2Q adjusted EPS loss of $1.41, narrower than the loss of $1.62 a share in the second quarter of 2022. Revenue expectations are very close to $1B at 983.05M, with the highest estimates reaching $1.14B, close to triple the revenue of $365M in the second quarter of 2022.

Rivian shares have traded up about 37% so far this year, outperforming the S&P, which has gained around 17%.

Shares of RIVN are down 3.86% in afternoon trading on Monday.

By Michael Elkins | [email protected]

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