Electric vehicle charging company EVgo (NASDAQ:EVGO) will be reporting results tomorrow before market hours. Here’s what you need to know.
EVgo beat analysts’ revenue expectations last quarter, reporting revenues of $92.3 million, up 36.7% 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’ adjusted operating income estimates. It reported 95 gigawatt-hours sold, up 21.8% 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 grow 50.9% year on year, improving from the 35% 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 to 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 Q4 results, giving us a hint as to what we can expect. Bloom Energy delivered year-on-year revenue growth of 35.9%, beating analysts’ expectations by 18.7%, and Sunrun reported revenues up 124%, topping estimates by 92.3%. Bloom Energy traded up 4.7% following the results while Sunrun was down 34.6%.
Read our full analysis of Bloom Energy’s results here and Sunrun’s results here.
There has been positive sentiment among investors in the renewable energy segment, with share prices up 4.7% on average over the last month. EVgo is down 6.5% during the same time and is heading into earnings with an average analyst price target of $6.54 (compared to the current share price of $2.83).
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