Rivian Automotive (RIVN) Misses Q4 EPS by 1c, Cuts Jobs, Production Guidance Misses
Rivian Automotive (NASDAQ: RIVN) reported Q4 EPS of ($1.36), $0.01 worse than the analyst estimate of ($1.35). Revenue for the quarter came in at $1.32 billion versus the consensus estimate of $1.28 billion.
- Economic and geopolitical uncertainties and pressures, most notably the impact of historically high interest rates, have informed Rivian’s expectations for 2024. With these market conditions, the company expects to produce 57,000 vehicles in 2024, in line with 2023 production. For 2024, the company is guiding towards capital expenditures of $1,750 million and an Adjusted EBITDA* of $(2,700) million. Rivian will continue its company-wide cost transformation program, which to date has resulted in meaningful reductions in total unit costs for both the R1 and EDV models through engineering design changes, commercial cost downs, and manufacturing efficiencies. Today, Rivian also announced it is reducing its salaried workforce by approximately 10%
(Estimates FY production 80K according to Bloomberg)
For earnings history and earnings-related data on Rivian Automotive (RIVN) click here.