Rivian Automotive misses by $0.33, beats on revs; reaffirms 2024 annual guidance for 57K total units produced
- Reports Q1 (Mar) loss of $1.48 per share, excluding non-recurring items, $0.33 worse than the FactSet Consensus of ($1.15); revenues rose 82.1% year/year to $1.2 bln vs the $1.17 bln FactSet Consensus.
- As previously announced, the company produced 13,980 vehicles and delivered 13,588, exceeding its outlook with a respective 49 percent and 71 percent increase over the same period last year.
- During the first quarter of 2024, Rivian unveiled its new midsize platform which underpins R2, R3, and R3X. Rivian also had announced its intention to begin R2 production at its facility in Normal, Illinois. This is expected to enable start of production for R2 in the first half of 2026 and save over $2.25 billion, as compared to the original forecast of launching R2 production at Rivian's Georgia site.
- Last week, the company announced an incentive package of up to $827 million from the State of Illinois to expand the plant, improve public infrastructure, and to create training programs for Rivian's workforce.
- Outlook:
- "We remain focused on ramping production coming out of our plant retooling upgrade and R1 technology integration. Thus far, consistent with our expectations, we have hit all major milestones associated with the plant retooling upgrade, and we are reaffirming our 2024 annual guidance provided during our fourth quarter and fiscal year 2023 earnings call of 57,000 total units of production and $(2,700) million in adjusted EBITDA.
- Due to moving the start of R2 production to Normal, we expect to be able to significantly reduce the capital expenditures required to launch R2. Because of this we are lowering our capital expenditures guidance to $1,200 million, a reduction of $550 million. We also expect savings from moving the R2 launch to Normal to impact 2025 and 2026."
