Lucid Q1 Earnings Highlights: Revenue Beat, EPS Miss, Production Update And More
Portfolio Pulse from Chris Katje
Lucid Group, Inc. (NASDAQ:LCID) reported Q1 financial results with revenue of $172.7 million, surpassing estimates but with a larger per-share loss than expected. Production decreased compared to last year, but deliveries increased. The company highlighted its liquidity strength and partnership with PIF, maintaining its production target for 2024 and emphasizing cost optimization and sales momentum.
May 06, 2024 | 8:21 pm
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Lucid Group reported higher Q1 revenue but missed EPS estimates. Production fell, but deliveries and liquidity are strong. The company remains focused on its 2024 production goal and cost optimization.
Lucid's stock price dropped in after-hours trading following the earnings report, indicating a negative short-term impact. The revenue beat is positive, but the EPS miss and the decrease in production year-over-year may concern investors. The strong liquidity position and reaffirmed production targets provide some positive outlook, but the immediate reaction suggests a bearish sentiment.
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IMPORTANCE 90
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