Li Auto Swings To Profit In Q3, Issues Q4 Outlook; Stock Up In Pre-market

(RTTNews) - Li Auto Inc. (LI) Thursday reported a turnaround to earnings from loss last year, on higher vehicle sales. Further, the company issued its outlook for the fourth quarter.

The company reported earnings of RMB 2.81 billion or $385.5 million compared with loss of RMB 1.65 billion or $231.3 million for the same period last year.

Earnings per ADS were $2.67 compared with loss per ADS of $1.68 in the prior year.

Revenue surged 271.2 percent to RMB 33.62 billion or $4.61 billion from RMB 9.34 billion or $1.31 billion in the prior year.

On average, four analysts polled by Thomson Reuters had expected revenue of $4.59 billion for the year. Analysts' estimates typically exclude special items.

Looking ahead to the next quarter, the company said it expects total revenues to be between RMB 38.46 billion or $5.27 billion and RMB 39.38 billion or $5.40 billion reflecting an increase of 117.9 percent to 123.1 percent from the fourth quarter of 2022. Analysts' estimates were $4.86 billion.

The company also expects to deliver between 125,000 and 128,000 vehicles, representing an increase of 169.9 percent to 176.3 percent from the fourth quarter of 2022.

In pre-market activity, Li Auto shares are trading at $40.68, up 3.35% on Nasdaq.