Electric vehicle charging company EVgo (NASDAQ: EVGO) will be reporting earnings this Wednesday morning. Here’s what to expect.
EVgo beat analysts’ revenue expectations last quarter, reporting revenues of $109.5 million, up 45.5% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates. It reported 91 gigawatt-hours sold, up 9.6% year on year.
Is EVgo a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting EVgo’s revenue to decline 18.6% year on year, a reversal from the 47.2% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. EVgo rarely misses Wall Street’s revenue estimates.
Looking at EVgo’s peers in the renewable energy segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Bloom Energy delivered year-on-year revenue growth of 166%, beating analysts’ expectations by 27.7%, and Generac reported revenues up 10.6%, falling short of estimates by 0.5%. Bloom Energy traded down 1.9% following the results while Generac was also down 1.9%.
Read our full analysis of Bloom Energy’s results here and Generac’s results here.
In the last year or so, investors have shifted their focus from one macro dynamic to the next (AI disintermediation and AI investment to geopolitical conflict, interest rates, and the health of the wider economy). While some of the renewable energy stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 2% on average over the last month. EVgo is down 16.8% during the same time and is heading into earnings with an average analyst price target of $4.25 (compared to the current share price of $1.63).
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