Lucid Group missed Wall Street expectations for the second quarter, cutting its annual production guidance and facing supply chain issues with its Gravity SUV. Despite a 68% revenue increase year-over-year, the company reported a significant net loss and widened EBITDA loss, while securing additional funding from its largest shareholder. Its stock performance has lagged behind competitors like Rivian.
SSR Mining issues multi-year guidance and technical reports for all operating assets, projecting production growth approaching 800,000 ounces by 2027 at AISC trending towards $1,300 per ounce. The company's total 5-year production is expected to increase by 4% over prior life of mine plans to 3.1 million ounces gold equivalent, and by 9% including contributions from the Hod Maden acquisition. SSR Mining anticipates positive free cash flow in 2024 and aims to maintain its peer-leading capital returns yield and overall returns strategy. The company's technical reports indicate a corporate net asset value based on mineral reserve-only reports of over $3 billion, increasing to over $4 billion at spot commodity prices.
Boeing reported better-than-expected fourth quarter results but suspended its 2024 guidance due to ongoing fallout from an Alaska Airlines 737-9 MAX incident. The company's revenue and profitability exceeded estimates, with operating cash flow of $3.381 billion and a core operating margin of 0.4%. However, the suspension of forward guidance raised concerns among investors. Boeing plans to cap 737 MAX production at 38 planes per month until the FAA is satisfied with safety and quality, and it will continue production for the 777X wide-body as planned. The company's order backlog stands at 5,626, and it aims to address regulators' concerns while supporting its customers.
Fisker's stock plummeted after the company reported disappointing third-quarter earnings and reduced its full-year production guidance, raising concerns about the electric vehicle start-up's performance.
Rivian Automotive reported better-than-expected results with a smaller loss than anticipated and raised its full-year production guidance, leading to a positive response from investors as shares rose.
Lucid Group Inc., an electric vehicle (EV) maker, reported mixed quarterly earnings and lowered its production outlook for the year to 8,000-8,500 vehicles, down from the previous guidance of over 10,000 vehicles. The company posted a loss of $631 million in the third quarter, compared to a loss of $530 million in the same period last year, while revenue fell to $137.8 million from $195.5 million. Lucid appointed Marc Winterhoff as its first chief operating officer to oversee daily operations and execution across various areas. Shares of Lucid dropped over 2% in after-hours trading and ended the regular trading day down 4.3%.
Lucid Group's Q1 earnings report showed revenue and earnings per share below consensus estimates, leading analysts to lower their price targets. Needham analyst Chris Pierce sees value in Lucid's EV technology but worries about the company's liquidity constraints and lowered full-year vehicle production guidance. Cantor Fitzgerald analyst Andres Sheppard highlights the upcoming Lucid Gravity SUV and the company's technology as potential catalysts for consumer interest and investor confidence. Lucid shares are down 7.91% to $7.10.
Electric vehicle start-up Fisker's stock fell after the company cut its production guidance. The first-quarter earnings missed expectations, but the stock's decline was attributed to the lowered production guidance. US deliveries of Fisker's electric SUV should begin in June.
