- Li Auto Inc (NASDAQ:LI) reported first-quarter FY23 sales growth of 96.5% year-on-year to $2.736 billion, slightly missing the consensus of $2.750 billion.
- Adjusted earnings per ADS of $0.200 beat the consensus of $0.010.
- Vehicle sales increased 96.9% to $2.67 billion, mainly attributable to the increase in vehicle deliveries and the higher average selling price contributed by the Li L series.
- Total vehicle deliveries were 52,584 units in Q1, a 65.8% year-on-year increase.
- Vehicle margin fell 260 basis points Y/Y to 19.8%.
- Gross profit increased 77% Y/Y to $557.7 million, with the margin contracting 220 basis points to 20.4%.
- Non-GAAP income from operations was $128.9 million.
- The company held cash and equivalents of $9.46 billion. Cash provided by operating activities was $1.13 billion, up 324.3% Y/Y.
- As of March 31, 2023, the company had 299 retail stores covering 123 cities, as well as 318 servicing centers and Li Auto-authorized body and paint shops operating in 223 cities.
- In April 2023, the company delivered 25,681 vehicles, representing an increase of 516.3% from April 2022.
- Outlook: Li Auto sees Q2 FY23 revenue of $3.53 billion – $3.77 billion (consensus $3.29 billion), representing an increase of 177.4% – 196.1% Y/Y.
- LI expects Q2 vehicle deliveries of 76,000 – 81,000, representing an increase of 164.9% – 182.4% Y/Y.
- Price Action: LI shares traded higher by 5.93% at $26.24 in premarket on the last check Wednesday.
- Photo via Wikimedia Commons
RBC Capital Downgrades Dream Finders Homes to Underperform, Announces $8 Price Target
RBC Capital analyst Mike Dahl downgrades Dream Finders Homes (NYSE:DFH) from Sector Perform to Underperform and announces $8 price target.
