Lordstown Motors (RIDE) Tops Q3 EPS by 5c, Offers Guidance

Lordstown Motors (NASDAQ: RIDE) reported Q3 EPS of ($0.54), $0.05 better than the analyst estimate of ($0.59).

2021 Financial Outlook:

We are updating the financial outlook for 2021 that we previously provided on September 30th. Revised guidance is as follows:

• Endurance commercial production and deliveries beginning in the third quarter of 2022; building a limited number of vehicles for testing, validation, verification, and regulatory approvals during the remainder of 2021 and the first quarter of 2022.
• Cash balances of between $150 million and $180 million as of December 31, 2021, inclusive of the anticipated down payment of $100 million to be made by Foxconn under the Asset Purchase Agreement in November, and $15 million in issuances under the equity purchase agreement in October, but exclusive of any other potential financings.
• Capital expenditures of between $330 million and $350 million for the full year 2021, down from $375 million to $400 million, largely as a result of the timing of purchases related to tooling and production readiness.
• Selling, general and administrative (SG&A) expenses of between $105 million and $120 million and research and development (R&D) costs of between $320 million and $340 million, for the full year 2021, in each case unchanged.

For earnings history and earnings-related data on Lordstown Motors (RIDE) click here.

You May Also Be Interested In

• Ondas Holdings Inc. (ONDS) Misses Q2 EPS by 9c
• Range Impact, Inc. (RNGE) Reports Q2 Loss of $0.02
• Jefferies sees a buying opportunity in this S&P 500 sector