Smart home company SmartRent (NYSE:SMRT) will be announcing earnings results this Wednesday morning. Here’s what investors should know.
SmartRent beat analysts’ revenue expectations last quarter, reporting revenues of $39.84 million, up 4% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ EBITDA estimates and EPS in line with analysts’ estimates.
Is SmartRent 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 SmartRent’s revenue to grow 10.6% year on year, a reversal from the 10.6% decrease 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. SmartRent has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at SmartRent’s peers in the electrical equipment segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Bloom Energy delivered year-on-year revenue growth of 138%, beating analysts’ expectations by 14.6%, and Advanced Energy reported revenues up 50.3%, topping estimates by 7.8%. Bloom Energy traded down 11.2% following the results.
Read our full analysis of Bloom Energy’s results here and Advanced Energy’s results here.
Investors in the electrical equipment segment have had steady hands going into earnings, with share prices flat over the last month. SmartRent is up 15.8% during the same time and is heading into earnings with an average analyst price target of $1.55 (compared to the current share price of $1.39).
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