Rivian Automotive Inc. stock rose 2% in the extended session Wednesday after the electric-vehicle maker posted a narrower-than-expected quarterly loss and kept its 2022 production estimates intact despite saying supply-chain snags continue to be a concern.
Rivian
RIVN,
said it lost $1.72 billion, or $1.88 a share, in the third quarter, compared with a loss of $1.23 billion, or $12.21 a share, in the year-ago period.
Adjusted for one-time items, the company lost $1.57 a share. Revenue rose to $536 million.
FactSet analyst consensus called for an adjusted loss of $1.79 a share on revenue of $550 million.
“Our core focus remains on ramping production,” Rivian executives said in a letter to shareholders. The company stuck with its 2022 production guidance of 25,000 vehicles and its call for an adjusted EBITDA loss of $5.45 billion for the year.
Rivian lowered its capital expenditure guidance to $1.75 billion “due to our streamlined product roadmap and the shift of certain capital expenditures to 2023,” it said.
The company debuted on capital markets in November 2021, with the stock soaring well above its initial public offering price on its first day of trading.
Production rates at Rivian’s Normal, Ill., factory give the company “confidence” in its ability to ramp production, Rivian said in the letter. “However, we believe that supply-chain constraints will continue to be the limiting factor of our production.”
Rivian shares have lost 73% this year, far underperforming the broader market, with the S&P 500 index
SPX,
down about 21% in the same period.
