Electric vehicle charging company EVgo (NASDAQ:EVGO) is set to release its earnings report this Monday before the market opens. In the previous quarter, EVgo surpassed analysts’ revenue expectations by 15.7%, with revenues reaching $98.03 million, a 47.2% increase year over year. The company also outperformed analysts’ estimates for earnings per share and adjusted operating income. Additionally, EVgo reported selling 88 gigawatt-hours, a 33.3% increase from the previous year.
As we look ahead to this quarter’s earnings, analysts are projecting a 35.8% year-over-year revenue growth to $91.68 million, a slowdown from the 92.4% growth recorded in the same quarter last year. The adjusted loss is expected to be -$0.16 per share.
Analysts covering EVgo have maintained their estimates over the past month, indicating confidence in the company’s performance leading up to the earnings release. Over the last two years, EVgo has only missed revenue estimates once, consistently exceeding expectations by an average of 8.2%.
In comparison to its peers in the renewable energy sector, some companies have already reported their Q3 results, providing insights into what we can anticipate from EVgo. Bloom Energy saw a 57.1% increase in revenue year over year, surpassing analysts’ expectations by 22.8%, while EnerSys reported a 7.6% revenue growth, exceeding estimates by 6.9%. Following their results, Bloom Energy’s stock rose by 18% and EnerSys’ stock increased by 1.9%.
Despite positive sentiment among investors in the renewable energy sector, with an average 2.2% increase in share prices over the last month, EVgo’s stock has declined by 18% during the same period. The average analyst price target for EVgo is $6.34, compared to the current share price of $3.50.
In conclusion, EVgo’s upcoming earnings report will be closely watched by investors and analysts alike. With a track record of surpassing revenue expectations and a growing renewable energy sector, the company’s performance in this quarter will provide valuable insights into its future trajectory. Investors should stay tuned for the earnings release to make informed decisions regarding EVgo’s stock.
