Lucid sees losses grow but has cash reserve to 2024 / Ryanair to spend $40B on Boeing planes, create 10,000 Jobs / Palantir reports earnings beat, expects profitability

Plus, Tyson Foods outlook slashed, stock plummets

Inside Business For May 09, 2023

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1 Despite reporting an immense Q1 net loss of $779.5M compared to $81.3M in Q1 2022, luxury EV manufacturer Lucid Group's revenue increased to $149.4M from $57.7M YoY. Shares dropped 8% in after-hours trading on the news.  More: CFO Sherry House stated, "With $3.4B in cash on hand and $700M in open credit lines, the corporation has enough money to run its business through the following year." Lucid plans to produce 10,000 vehicles in 2023, though it didn't provide an updated number from Q4 2022's 28,000 Air sedan reservations. Lucid produced 2,314 vehicles in Q1 and delivered 1,406 to customers, blaming a "slow January" and U.S. EV tax credit changes. To address demand concerns, Lucid has cut 1,300 employees and will unveil its new electric SUV, the Gravity, in 2023. Zoom Out: In January, Lucid's stock surged amid speculation that Saudi Arabia's Public Investment Fund (PIF) would acquire the remainder of the company and take it private, in addition to Lucid's plans to build an EV factory in Saudi Arabia.

2 Ryanair has agreed to purchase up to 300 Boeing 737 MAX-10 planes, valued at over $40B, after an 18-month impasse over pricing. The deal signals an increased appetite for new aircraft as the travel industry recovers from the pandemic. More: Ryanair's older Boeing 737NG aircraft will be replaced by the new airplanes, delivered between 2027 and 2033. The agreement will enable Ryanair to boost traffic by 80% over thenext decade, and it anticipates that by March 2034, passenger numbers will have increased from 168 million to 300 million. As a result of the agreement, Ryanair anticipates adding over 10,000 new employees for pilots, cabin crew, and engineers. Compared to the earlier 737NGs now in use, the new aircraft will reduce expenses by 10%, excluding fuel, enabling Ryanair to maintain its cost advantage over competitors and foster further expansion.

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3 In after-hours trading, Palantir's stock surged 28% after the company reported revenue of $525M, an 18% YoY increase, and forecast profitability by the end of the year. The number of commercial Palantir customers in the U.S. increased by 50% YoY, from 103 to 155. More: On a GAAP basis, the company announced its second-ever quarter of $17M in positive net profits. Palantir anticipates revenue of between $528M and $532M for its second quarter and between $2.19B and $2.24B for the year. Big Data Analytics CEO Alex Karp said the company anticipates remaining profitable through the end of the year. Furthermore, he added that "Palantir's AI platform, with human oversight to reduce risk, has seen unprecedented demand, with hundreds of conversations already underway with potential customers."

4 The largest U.S. meat supplier, Tyson Foods, announced a $97M loss in the second quarter of 2023 compared to a net income of $829M in the same period last year, which led to a 16% decline in stock prices. Due to consumers opting for less expensive alternatives, Tyson's beef unit, which made up over 40% of its total sales last year, had lower sales than in the previous year. More: Due to increased prices from ranchers lowering their herds because of the drought, Tyson's beef unit had its quarterly adjusted operating income fall to $8M from $638M. The collapse of chicken prices at the end of last year as supply increased throughout the industry caused Tyson's chicken business to move from a $198M profit to a $258M loss. From forecasts in February of between $55B and $57B, Tyson revised its sales outlook for 2023 to between $53B and $54B. Last month, the meat company announced that it would eliminate 15% of its senior leadership jobs and 10% of its corporate responsibilities to reduce costs throughout the organization.

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5 To streamline operations and pay down debt, Baxter International has agreed to sell its biopharma solutions division to two private equity companies, Advent International and Warburg Pincus, for $4.25B. Baxter's stock price fell 9.8% to $46 due to the announcement. More: Due to its weak strategic alignment with the rest of its portfolio, Baxter stated in January that it would consider selling its biopharma solutions division. Baxter hopes to finalize the transaction in the second half of the year and anticipates receiving net after-tax profits from the sale of around $3.4B. About 1,700 people work for the biopharma solutions division, which is projected to bring in about $600M this year. Baxter also had plans to separate its renal care and acute therapies divisions into a stand-alone, publicly-traded company earlier this year.

6 Premier, a healthcare provider that offers products and services to clinics and hospitals, is looking at strategic alternatives, including a possible sale. Premier's revenue has declined 9% (under $1B) and net income to shareholders 35% in the nine months ending March 31, compared to the same period a year earlier. More: Following a 24% decline this year, Premier's shares increased 9.7% in after-hours trading in response to the announcement. The hospital's bottom line has suffered due to how the COVID-19 outbreak has impacted hospital operations. The North Carolina-based healthcare company's board has formed an independent committee, advised by JPMorgan and financially by BofA Securities, to explore potential sales, recapitalization, and partnership options. CEO Michael Alkire announced this sale review due to the changing market and challenging operating environment.

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Shriram Jeevakumar Freelance Writer Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. This newsletter was edited by Aaron Crutchfield

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