Rivian Automotive reports Q2 EPS ($1.08), consensus ($1.41)

Reports Q2 revenue $1.12B, consensus $1.0B. The company states: “Results for the second quarter of 2023 reflect strong financial and operational progress as we continued to ramp production, improved cost efficiency, successfully introduced new technologies, and enhanced the customer experience. On a quarter-over-quarter basis, production and deliveries grew ~50% and ~60%, respectively while gross profit per vehicle delivered improved by ~$35,000. For the first time since our start of production, R1S production outpaced the R1T, with the R1S representing ~70% of our total R1 production. We also successfully introduced our in-house Enduro motor into the R1 platform. Due to the progress we have seen to date on our production lines, the ramp of our in-house motor line, and the supply chain outlook, we are increasing our 2023 production guidance to 52,000 total units. Our progress on cost management has also continued and therefore we are improving our Adj. EBITDA guidance to $(4,200) million. We are also lowering our capital expenditures guidance to $1,700 million with the reduction largely driven by a timing shift of some expenses to 2024.”