Lucid Group Inc. experienced a nearly 5% drop in shares during the extended session Wednesday following a fourth quarter with mixed results. The EV maker reported revenue below Wall Street estimates, coupled with disappointing production guidance.
Financial Performance
In the fourth quarter, Lucid incurred a loss of $654 million, translating to 29 cents per share. This marked a significant increase from the loss of $473 million, or 28 cents per share, in the same period last year. Revenue for the quarter also saw a decline to $157.2 million, down from $258 million year-over-year.
Analyst Expectations
Despite these figures, analysts polled by FactSet had anticipated an adjusted loss of 30 cents per share on revenue of $180 million from Lucid.
Production Forecast
Looking ahead, Lucid provided a 2024 production estimate of about 9,000 vehicles. In contrast, FactSet's forecast was set at 14,000 vehicles. The company's production for last year stood at 8,428 vehicles, aligning closely with its 2023 production guidance of 8,000 to 8,500 vehicles and also meeting FactSet's expectations.
Stock Performance
Over the past 12 months, Lucid shares have decreased by approximately 63%, differing notably from the S&P 500 index's gains of around 24%.
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