Monday, March 4, 2024

Brief Pro | Take a look at’s 5 earnings reports with devastating corporate losses


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By David Kragosian – Daily Pro summary of the biggest earnings headlines you missed from yesterday’s close on InvestingPro. Start your free 7-day trial to be the first to receive this message.

The collapse of Rivian stock

Rivian Automotive shares suffered a big loss on fourth-quarter earnings. Shares of Rivian Automotive (NASDAQ: RIVN) {1179312| } }) was up more than 8% before entering the market today after the company posted a worse-than-expected fourth-quarter profit of $663 million (vs. $729 million) with just 8,054 vehicles produced out of 10,020 vehicles it produced. Provided by the company.

It was revised to (1.73 USD) as compared to (1.96 USD).

The company’s 2023 production forecast fell short of analyst expectations, with production of 50,000 vehicles and adjusted EBITDA ($4.3 billion) for the full year.

Novavax..not a good time to buy

Novavax shares also fell sharply in the last quarter of last year, declaring it eligible to become a “continuation plan.”

Also, shares of Novavax fell more than 24% before entering the market today, after the company reported its fourth-quarter loss and announced qualifications to become a going concern.

The price came in at ($2.28), which was worse than the consensus ($1.19). Revenue was $357 million, short of the consensus estimate of $383.14 million.

The company said it aims to reduce costs and operate more efficiently to maximize opportunities and mitigate uncertainty in the COVID-19 market.

HP reports mixed first-quarter results, shares rise

Shares of HP rose more than 3% in pre-market today after mixed first-quarter earnings results. The price came in at $0.75 better than the consensus estimate of $0.74, while revenue of $13.8 billion missed the consensus estimate of $14.15 billion due to weaker personal computer and printer demand.

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The company expects earnings per share in the range of $0.73 – $0.83 for the second quarter of 2020, compared to the consensus estimate of $0.75. For the full year, earnings per share are expected to be in the range of $3.20-$3.60, compared to the consensus estimate of $3.29.

Puma..sports legend

Puma posted record earnings in 2022, but expects 2023 profits to decline and dividends to increase.

In 2022, Puma (over-the-counter trading) announced record results, a 19% increase in sales to €8.47 billion (€1 = $1.0642), a 15% rise in EBIT to €641 million. And a 14% increase should reach 2.36 euros.

Despite a strong performance last year due to factors such as the FIFA World Cup and the weak euro, Puma expects earnings to be hit by currency movements and higher commodity and raw material prices.

It gave a wider forecast range for this year’s EBIT of €590m to €670m, with revenue growth expected to be less than 10%.

Also, the company raised its dividend by 14% to $0.82 per share, at the high end of a target range that pays out 25% to 35% of net income.

Shares fell more than 3% in Frankfurt.

First solar performance increased in the fourth quarter and better-than-expected guidance

First Solar (NASDAQ:) Shares (NASDAQ: FSLR) {13569 | }}) is up more than 4% before entering the market today following the announcement of better-than-expected earnings in the fourth quarter and an indicative 2023.

The price reached ($0.07) compared to the consensus estimate of ($0.17). Revenue of $1 billion came in as expected.

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For the full year 2023, the company expects revenue in the range of $3.4 billion to $3.6 billion, compared to the consensus estimate of $3.34 billion, with earnings per share in the range of $7 to $8 compared to $4.77.

Nadia Barnett
Nadia Barnett
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