5 big earnings reports: Rivian, Novavax shares plunge on wide misses Pro Recap

(C) Reuters

By Davit Kirakosyan

Investing.com — Here is your daily Pro Recap of the biggest earnings headlines you may have missed on InvestingPro since yesterday’s close. Start your free 7-day trial to get this news first.

Rivian Automotive shares plunge on big Q4 revenue miss

Rivian Automotive (NASDAQ:RIVN) shares dropped more than 8% pre-market today after the company posted significantly worse than expected Q4 revenues of $663 million (vs. consensus of $729M) as it delivered only 8,054 vehicles from 10,020 produced.

Adjusted EPS came in at ($1.73), compared to the consensus of ($1.96).

The company’s production forecast for 2023 fell below analysts’ expectations, with an anticipated production of 50,000 vehicles and an adjusted EBITDA of ($4.3B) for the full year.

Novavax shares plummet on Q4 miss and announced ‘going concern’ qualification

Novavax (NASDAQ:NVAX) shares plunged more than 24% pre-market today after the company reported a Q4 miss and announced a “going concern” qualification.

EPS came in at ($2.28), worse than the consensus of ($1.19). Revenue was $357M, missing the consensus estimate of $383.14M.

The company said it aims to reduce spending and operate efficiently to maximize opportunities and mitigate uncertainties in the COVID-19 market, but noted there is substantial doubt about its ability to continue as a going concern for one year due to revenue and funding uncertainties.

HP reports mixed Q1 results, shares rise

HP (NYSE:HPQ) rose more than 3% pre-market today following mixed Q1 earnings results. EPS came in at 0.75, better than the consensus of $0.74, while revenue of $13.8B missed the consensus estimate of $14.15B due to a weaker demand backdrop for personal computing and printer demand.

The company expects Q2/23 EPS in the range of $0.73-$0.83, compared to the consensus of $0.75. For the full year, EPS is expected in a range of $3.20-$3.60, compared with consensus estimates of $3.29.

Puma posts record 2022 revenues but sees 2023 profit falling, hikes dividend

Puma (ETR:PUMG) (OTC:PMMAF) reported record results in 2022, with a 19% rise in sales to EUR8.47B (EUR1 = $1.0642), a 15% rise in EBIT to EUR641M, and a 14% rise in EPS to EUR2.36.

Despite the strong performance last year due to factors such as the soccer World Cup and weak euro, Puma expects profits to be affected by currency movements, high freight rates, and raw materials prices.

It provided a wide forecast range of EUR590M-EUR670M for EBIT this year, with revenue growth expected to slow to just under 10%.

Furthermore, the company hiked its dividend by 14% to $0.82 a share, at the top end of its targeted payout range of 25%-35% of net earnings.

Shares were down more than 3% intra-day today in Frankfurt.

First Solar rises on Q4 beat & better-than-expected guidance

First Solar Inc (NASDAQ:FSLR) shares rose more than 4% pre-market today following better-than-expected Q4 earnings and 2023 guidance announcement.

EPS came in at ($0.07), compared to the consensus estimate of ($0.17). Revenue was $1B, in line with expectations.

For the full 2023 year, the company expects revenue in the range of $3.4-$3.6B, compared to the consensus of $3.34B, and EPS in a range of $7-$8, compared to the consensus estimate of $4.77.

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