Rivian misses Wall Street's Q3 estimates but maintains gross profit target
Rivian's (NASDAQ:RIVN) third quarter 2024 results missed Wall Street's estimates. Despite this, as well as the company's ongoing supply chain challenges, Rivian reconfirmed plans that it would be able to achieve a "modest gross profit" in Q4 2024.
The Street expected Rivian to post revenue of $990 million and a loss of $0.92 per share. In Q3 2024, the electric truck maker posted revenue of $874 million and an adjusted loss per share of $0.99. Rivian also reported a negative gross profit of $392 million in the third quarter of 2024.
As noted in a CNBC report, Rivian noted that it currently expects adjusted earnings before interest, taxes, depreciation and amortization of between a loss of $2.83 billion and a loss of $2.88 billion. Previously, the guidance was a loss of roughly $2.7 billion.
Rivian CEO RJ Scaringe, for his part, told CNBC's Phil LeBeau on Thursday that the company is still driving towards profitability. "Our core focus is on driving toward profitability. Looking at Q4, we continue to guide toward gross margin," Scaringe said.
RBC Capital Markets analyst Tom Narayan noted that Rivian's reconfirmation of its gross profit goals should benefit RIVN stock. Many analysts we spoke to into the print thought the company might withdraw this target. On that basis, we could see shares trade higher," Narayan wrote in a note.
Rivian's resilience appears to have impressed investors. As of Friday's close, Rivian stock was up 5.37% at $10.59 per share.
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