Chinese electric vehicle manufacturer Li Auto Inc. (LI) on Wednesday reported a loss for the third quarter, primarily impacted by decrease in revenue. Earnings missed expectations, although revenue came in above consensus.
The company posted a net loss of RMB624.4 million, or $87.7 million for the quarter, compared with net income of RMB2.8 billion in the same period last year. Net loss per ADS was RMB0.62 or $0.09, versus earnings of RMB2.66 per share a year earlier.
Excluding one-time items, the company posted an adjusted loss of RMB359.7 million or $50.5 million, compared with income of RMB3.9 billion last year. Adjusted loss per ADS was RMB0.36 or $0.05, versus earnings of RMB3.63 per share a year ago.
Analysts, on average, expected earnings of RMB0.64 per share for the quarter. Analysts' estimates typically exclude special items.
Loss from operations totaled RMB1.2 billion or $165.4 million, compared with operating income of RMB3.4 billion a year earlier.
Total revenues fell 36.2% to RMB27.4 billion or $3.8 billion from RMB42.9 billion in the prior-year quarter, driven primarily by a 39% decline in quarterly deliveries to 93,211 vehicles.
The consensus estimate for revenue stood at RMB26.49 billion.
For the fourth quarter, Li Auto expects total revenues between RMB26.5 billion or $3.7 billion and RMB29.2 billion or $4.1 billion, a year-over-year decrease of 40.1% to 34.2%. The Street is looking for revenue of RMB36.99 billion for the quarter.
Li Auto shares were down more than 1% in pre-market trading after closing at $18.32, up 1.10% on Tuesday.
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