Electric vehicle charging company EVgo (NASDAQ:EVGO) will report results this Monday before market hours. This is what you can expect.
EVgo beat analysts’ revenue expectations by 15.7% last quarter, reporting revenue of $98.03 million, a 47.2% year-over-year increase. It was an exceptional quarter for the company, with it beating analysts’ EPS estimates and impressively beating analysts’ adjusted operating income estimates. It reported 88 gigawatt-hours sold, a year-over-year increase of 33.3%.
Is EVgo a profitable buy or sell? Read our full review here, it’s free for active Edge members.
This quarter, analysts expect EVgo’s revenue to grow 35.8% year over year to $91.68 million, slowing the 92.4% increase it posted in the same quarter last year. The adjusted loss is expected to be -$0.16 per share.
Analysts covering the company have generally reconfirmed their estimates over the past 30 days, suggesting they anticipate the business will stay on track to turn a profit. EVgo has only missed Wall Street’s revenue estimates once in the last two years, beating revenue expectations by 8.2% on average.
If we look at EVgo’s peers in the renewable energy segment, some have already reported their third quarter results, which gives us a hint of what we can expect. Bloom Energy posted year-over-year revenue growth of 57.1%, beating analyst expectations by 22.8%, and EnerSys reported revenue rose 7.6%, beating estimates by 6.9%. Bloom Energy rose 18% following the results, while EnerSys also rose 1.9%.
Read our full analysis of Bloom Energy results here and EnerSys results here.
There has been positive sentiment among investors in the renewable energy segment, with share prices rising 2.2% on average over the last month. EVgo is down 18% over the same time and is headed for profit with an average analyst price target of $6.34 (compared to the current share price of $3.50).
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