Canoo Inc. GOEV is scheduled to release second-quarter 2024 results on Aug 14, after the closing bell. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at 77 cents and $1.99 million, respectively.
The consensus mark for Canoo’s second-quarter loss per share has remained unchanged in the past 90 days. The electric vehicle (EV) maker’s bottom-line estimates imply growth of 76.09% from the year-ago quarter’s reported figure. In the last reported quarter, it posted a net loss of $2.20 per share, wider than the Zacks Consensus Estimate of a loss of 97 cents but narrower than the year-ago loss of $3.91.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for GOEV. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as elaborated below.
Earnings ESP: Canoo has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate is in line with the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: GOEV currently carries a Zacks Rank #3.
Things to Note
For full-year 2024, Canoo expects revenues in the range of $50-$100 million. The company reported revenues of $886,000 in 2023. The upbeat sales forecast is likely to have boosted GOEV’s top-line growth in the to-be-reported quarter.
In the first quarter, Canoo purchased new advanced manufacturing equipment from the U.K. at a discounted price of more than 80% of the estimated value, significantly bringing down its capital expenditure to $4.9 million from $18.4 million in the prior-year period. In April, Jazeera Paints signed an agreement with Canoo to add 20 of the EV maker’s vehicles to its fleet in 2024, with the potential to increase the order by up to 180 vehicles. The deal with Jazeera and reduced capital spending are expected to have helped Canoo reduce costs and increase profit margins in the second quarter.
Discouragingly, the company is currently facing capital constraints and supply chain issues. Capital constraints are holding the company back from reaching its full production potential. Moreover, Canoo’s SG&A expenses in the first quarter increased to $32.8 million from $29.8 million in the year-ago period. The trend is likely to have persisted in the second quarter. Rising expenses, capital shortage and supply chain challenges are likely to have hurt Canoo’s performance in the to-be-reported quarter.
Earnings Whispers for Other Auto Stocks
Blink Charging Co. BLNK has an Earnings ESP of +13.33% and sports a Zacks Rank #1 at present. The company is scheduled to post second-quarter 2024 earnings on Aug 7. The Zacks Consensus Estimate is pegged at a loss of 15 cents per share. You can see the complete list of today’s Zacks #1 Rank stocks here.
BLNK surpassed earnings estimates in each of the trailing four quarters, the average surprise being 36.76%.
American Axle & Manufacturing Holdings, Inc. AXL has an Earnings ESP of -30.00% and a Zacks Rank #3 at present. It is scheduled to post second-quarter earnings on Aug 9. The Zacks Consensus Estimate for earnings is pegged at 10 cents per share.
AXL surpassed earnings estimates in three of the trailing four quarters and missed once, the average surprise being 404.69%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Blink Charging Co. (BLNK) : Free Stock Analysis Report
Canoo Inc. (GOEV) : Free Stock Analysis Report
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