The stock of electric-vehicle start-up Fisker experienced a decline in early Wednesday trading as the company decided to adjust the timing of its third-quarter earnings release. Originally expected to be revealed on Wednesday, investors will now have to wait until Monday, November 13th.
Accounting Officer Appointment Led to Delay
Fisker attributed the decision to the recent appointment of a new chief accounting officer, whose tenure began on November 6th after the departure of their predecessor on October 27th. As a result of these changes, the completion of financial statements and related disclosures has been delayed.
Fisker's stock price dropped over 5% in premarket trading, reaching $4.13 per share. In comparison, the S&P 500 and Nasdaq Composite futures remained nearly stagnant. This decline puts Fisker shares down by more than 30% over the last month, nearing a record low.
Importance of Timely Reporting
Although the delay is less than a week, it is crucial for publicly traded companies to report earnings on time. Failure to do so can raise concerns among investors. They will now closely analyze the upcoming financial statements and confirm consistency with previously reported data.
Lack of Company Comment
At present, Fisker has not commented on the situation or provided insight into the leadership change that prompted the delay.
Projected Third-Quarter Earnings
Wall Street analysts forecast a per-share loss of 23 cents for the third quarter, with sales totaling $143 million. Despite the anticipated loss, sales are predicted to reach a record high. Investors will pay particular attention to any updates regarding deliveries, as Fisker recently commenced shipping significant quantities of its first electric vehicle, the Ocean SUV.
The postponement of Fisker's third-quarter earnings announcement has caused a stir among investors. They eagerly await the revised release date and hope for positive financial results, reflecting the growing success of Fisker's EV ventures.