Earnings season is here and brings quarterly updates and financial reports from leading publicly traded companies, including those in the electric vehicle sector.
This week features a trio of earnings reports from three leading electric vehicle companies: here's a look at the companies and what's ahead.
The reports came after electric vehicle leader Tesla Inc TSLA reported third-quarter revenue and earnings per share that both came in below Street consensus estimates. The company's third-quarter vehicle deliveries also missed estimates.
Lucid Group Earnings Preview: On Tuesday, Nov. 7, Lucid Group Inc LCID will report third-quarter financial results after market close.
Estimates from Benzinga Pro showed the company was expected to post a loss of 35 cents per share and revenue of $183.8 million. The company missed three of the last five quarters for earnings per share and all five of the last five quarters for revenue estimates from analysts.
Among the key items for Lucid would be production and deliveries. The company said previously it was on track to manufacture 10,000 vehicles in 2023. Third-quarter deliveries of 1,457 were previously reported by the company, which missed a Street estimate of 2,118 units.
The company also previously said it would unveil the Lucid Gravity SUV in November 2023 with an anticipated production start date in late 2024.
Lucid recently announced new discounts for the Lucid Air vehicle.
RBC Capital Markets analyst Tom Narayan initiated coverage of Lucid in September with a Sector Perform rating and a price target of $6.
The analyst said Lucid's technology was better than many automotive companies, but the company had low brand awareness.
Baird initiated Lucid with a Neutral rating and a $7 price target in September, as well.
Related Link: Rivian Q3 Earnings Preview: R2 Revenues Are Path Into The Future, Just Like Tesla’s Model 3
Rivian Earnings Preview: Electric vehicle company Rivian Automotive Inc RIVN will report third-quarter financial results after market close Tuesday.
Analysts expect the company to post a loss of $1.32 per share for the third quarter. The company has beaten earnings per share estimates in six straight quarters. Analysts estimated the company will post revenue of $1.327 billion. The company has beaten revenue estimates in three of the last six quarters.
Rivian raised its guidance earlier in the year for vehicles and for EBITDA.
The Future Fund's Gary Black recently said there was a "high likelihood" that Rivian will raise its 2023 production guidance.
The comments came after Rivian's third-quarter deliveries of 15,564 units were ahead of estimates of 14,973 units. Black noted Rivian often updates vehicle guidance during its earnings calls and not with its vehicle delivery results.
Wedbush analyst Dan Ives reiterated an Outperform rating on Rivian in October and lowered the price target from $32 to $25.
"The Street's low confidence in this management team around investor messaging and execution is a major problem for the stock," Ives said.
Ives voiced concerns for the company's debt and financing after shares dropped on news of a $1.5 billion convertible senior notes offering.
The analyst said the theme for Rivian in recent years is "one step forward, two steps back."
"Patience is wearing thin across the Street as Rivian heads into its next stage of growth and production expansion as surprises out of left field is a building headache for investors."
Several other analysts have put out notes on Rivian in the month of October, including the following:
Cantor Fitzgerald: Upgrade from Neutral to Overweight, $29 price target
Needham: Buy rating, $31 price target
UBS: Upgrade from Neutral to Buy, $24 price target
Evercore ISI Group: Upgrade from In-Line to Outperform, $35 price target
Fisker Earnings Preview: Fisker Inc FSR will report third-quarter financial results before market open Wednesday, Nov. 8. Analysts expect the company to report a loss of 18 cents per share and revenue of $109.03 million according to data from Benzinga Pro.
The company has missed earnings per share estimates from analysts in three of the last five quarters and has missed the last two straight quarters for revenue estimates.
Fisker shares were down 4% Monday after the company recently announced its Chief Technology Officer Burkhard Huhnke was leaving the company for personal reasons. The company also shared an update on its 2023 production guidance with a range of 20,000 to 23,000 units now expected.
Production guidance was now lower than previous estimates of a range of 32,000 to 36,000 units.
Here's a look at recent analyst notes on Fisker ahead of earnings:
Bank of America: Reinstate Buy rating, $8 price target
Citi: Buy rating, lowered price target from $18 to $15
Barclays: Underweight rating, lowered price target $6 to $5.
Photo: Clockwise from top left: Fisker, courtesy Fisker; Rivian via Shutterstock; Lucid, courtesy Lucid and EV via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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