Fisker Stock Tanks After Poor Earnings. EV Concerns Accelerate.
Kanebridge News
Share Button

Fisker Stock Tanks After Poor Earnings. EV Concerns Accelerate.

By Al Root
Wed, Nov 15, 2023 11:46amGrey Clock 2 min

Stock in Fisker was falling sharply after the electric-vehicle start-up reported weaker-than-expected third-quarter numbers and cut full-year production guidance.

It wasn’t a great quarter.

Fisker (ticker: FSR) announced a third-quarter per-share loss of 27 cents from sales of about $72 million on Monday evening. Wall Street was looking for a loss of 23 a share from sales of about $143 million. This was Fisker’s first quarter of significant sales shipping the Ocean, its first EV.

Fisker delivered 1,097 vehicles and produced 4,725 in the quarter. The company added in its news release that 1,200 were delivered in October as well.

Full-year production guidance is now 13,000 to 17,000 units. In August, the company said it planned to build about 20,000 to 23,000 units this year. That was trimmed from earlier guidance. In May, Fisker’s production forecast called for 32,000 to 36,000 units in 2023.

“This is a very prudent change that we need to do to enable our global delivery and logistics platform to scale so we can serve our customers even better and we are not sitting on inventory,” said Chief Financial Officer Geeta Gupta-Fisker during the company’s earnings conference call.

Management expects full-year 2023 research and development, selling, general and administration expenses, and capital spending to be between $565 million and $640 million. That is the same range that was provided in August.

Fisker ended the quarter with some $625 million in cash and investments on its books. Wall Street expects the company to use roughly $75 million a quarter for the coming few quarters, according to FactSet.

“In a separate filing, Fisker warned that it will delay its 10-Q filing after finding material weaknesses in internal controls, stating that it was unable, without reasonable effort and expense, to complete the preparation of its quarterly report by November 9,” wrote CFRA analsyt Garrett Nelson in a research report Monday. That warning followed the departure of a former chief accounting officer, effective Oct 27.

He rates shares Sell and has a $1 price target on the stock. TD Cowen analyst Jeffrey Osborne rates shares Buy. His price target is $11 a share. He cited “growing pains” for weak deliveries adding in a report, “Arguably the key takeaway from results was that once Fisker is able to figure out the delivery end of the equation it should be able to scale production as needed to meet demand.”

Fisker stock was down 22% Tuesday while the market surged ahead following better-than-expected inflation data. The S&P 500 and Nasdaq Composite were up about 2% and 2.3%, respectively.

The stock gained 6.6% in regular trading Monday, closing at $4.11 a share. That is 26 cents away from where the stock closed at on Nov. 7. This earnings report wasn’t typical. Fisker was due to report earnings on Nov. 8, but delayed its report after hiring a new chief accounting officer. Fisker stock slid from $4.37 a share to $3.99 a share after the delay was announced on Nov 8.

Through Monday trading, Fisker stock was down 52% over the past 12 months while the S&P 500 and Nasdaq were up about 11% and 23%, respectively. Higher interest rates and lower prices for EVs, caused mainly by Tesla (TSLA) price cuts, have sapped investor enthusiasm for stock in EV start-ups that aren’t profitable yet.

Options markets implied the stock will move about 15%, up or down, following earnings. Shares have moved an average of about 12%, up or down, after the past four quarterly reports, gaining one time and falling three times over that span.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Money
The Power Move of Working the 5-to-9 Before the 9-to-5
By CALLUM BORCHERS 17/05/2024
Lifestyle
Aston Martin’s Muscular Vantage Is a Combination of Sophistication and Aggression
By JOHN SCOTT LEWINSKI 16/05/2024
Money
The Art Market is Down. A Cyberattack at Christie’s May Make Things Worse.
By KELLY CROW 15/05/2024
The Power Move of Working the 5-to-9 Before the 9-to-5

Working a regular day, even into the evening, is for mere mortals. Those out to impress start well before dawn.

By CALLUM BORCHERS
Fri, May 17, 2024 4 min

As a competitive rower in my long-ago prime I sometimes used a racing strategy called fly and die. Sprinting to an early lead often yielded a fast overall time, even if I couldn’t hold my torrid pace through the finish line.

Some professionals take a similar approach to their desk jobs, starting their workdays with a 5 a.m. to 9 a.m. shift. They are up before the sun—and, more important, before their co-workers—to get a jump on the workday and impress the boss.

Nothing screams go-getter like a predawn email! Getting stuff done early allows them to clock out midafternoon and still look like stars, even if their routines require Ben Franklin-esque sleep schedules and vats of caffeine.

Melissa O’Blenis rises by 4:30 a.m. for prayer and Peloton time before starting her job at the digital consulting firm Argano.

“I just love checking things off my list,” she says. “I need that focus time away from Teams messages, email notifications and text alerts.”

A mother with two sets of twins, O’Blenis, 48, often breaks for her kids’ afternoon sports without feeling guilty or judged. Colleagues jokingly call her Granny because her 9 p.m. bedtime makes the early starts possible. But Granny got the last laugh when she was promoted to a director-level role in March.

More than 90% of knowledge workers want to flex their hours, according to surveys by Slack’s Future Forum . In the pandemic many of us got in the habit of handling personal commitments during standard business hours, then catching up on work tasks later .

Now that the office battle is largely over, fighting a return to rigid, 9 a.m. to 5 p.m. schedules might be workers’ last stand. But managers complain about afternoon dead zones when employees are out of pocket.

The solution for more workers is starting sooner instead of finishing later. Workflow software maker Asana reports that 21.4% of users are logging on between 5 a.m. and 9 a.m. this year, up from 19.8% in 2021. About 12% of work tasks are completed before 9 a.m., the company says, compared with 10% before the pandemic.

Early-bird bosses

Gibran Washington and his basketball teammates at Hofstra University used to run at 6 a.m. He maintained his early wakeups while climbing the ranks in food-and-beverage management.

By 9 a.m. meetings, he had already exercised, meditated and put in a couple of hours of work.

“I always found myself more prepared than my colleagues who hadn’t had their first cup of coffee yet,” says Washington, 40, who doesn’t drink coffee. Now he is chief executive of Ethos Cannabis, a chain of 12 dispensaries in three states, and rises as early as ever.

Waking and working ahead of the pack is a common CEO habit, from Apple ’s Tim Cook to General Motors ’ Mary Barra . Even if your ambitions are less grand than the corner office, starting early could help you stand out for one simple reason: The boss is probably up, too, and taking notice.

Matt Kiger says being the first one into the office helped him catch his manager’s eye and advance after changing careers from education to media sales. He would set his alarm for 5 a.m., hop a train from Connecticut to New York and be at his workstation before 7.

“I thought, ‘What is it going to take to break through?’” he recalls. “‘It’s going to take being there when my boss comes in, already at my desk making phone calls.’”

Now a senior vice president for digital sales at Townsquare Media , Kiger, 47, says much of the daily communication among company leaders happens by text and phone from 6 a.m. to 8 a.m. It’s possible to succeed as a night owl, he says, but people who sleep in risk missing a window when many executives are awake and accessible. While some working parents can’t swing early-morning meetings, others like Kiger say they are the key to being present at kids’ after-school activities.

Getting the worm

Matt Sunshine—whose surname surely predestined him to be a morning person—wakes at 5:30 a.m. to read the news. Then he cycles or takes a Pilates class and is on his computer by 7.

Sunshine is CEO of the Center for Sales Strategy in Tampa, Fla., which helps healthcare, media and professional-services companies generate leads. He doesn’t expect his 55 employees to follow his schedule but says it becomes progressively harder to get his attention as the day goes on and his calendar fills up with meetings. He also tries to log off by 5:30 p.m. for family time, so working after hours won’t necessarily make an impression.

“If you want to get my attention, a good time to get me is first thing in the morning,” Sunshine, 55, says. “Because people know I’m an early riser, I think that does influence other people to do the same.”

Elvi Caperonis’s morning routine is next-level organised. Her alarm rings at 6 a.m. She goes for a run at 6:30. At 7 she showers and eats breakfast. At 7:30 she opens her laptop and sets a timer for 25 minutes. That’s her first block to focus on the most important task of the day before a five-minute break. She repeats the on-off work pattern throughout the day.

Caperonis, a technical program manager at Amazon , makes a daily to-do list with nine items. She rates one critical, three medium-level and five lower-priority. This helps her work efficiently and in the right order.

The 41-year-old works from home in Florida and often picks her daughter up from school at 2:30 p.m., freedoms she has preserved partly by being highly productive early in the day, she says. Much of her job involves identifying potential risks to a project’s success, and when she sends an early-morning alert it arrives really early for company leaders in the Pacific time zone.

“They appreciate having that information first thing when they open their email,” she says. “In my experience, leaders are also early birds.”

MOST POPULAR
35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts

Related Stories
Lifestyle
Not Even Molten Lava Can Cool This Hot Housing Market
By CHRISTINE MAI-DUC 21/01/2024
Property
Top Suburbs For House Price Growth In 2023
By Bronwyn Allen 27/12/2023
Lifestyle
The hotel-style services you can enjoy — without leaving home
By Kirsten Craze 18/03/2024
0
    Your Cart
    Your cart is emptyReturn to Shop