We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Nikola (NKLA) to Report Q1 Earnings: Here's What to Expect
Read MoreHide Full Article
Nikola Corporation (NKLA - Free Report) is slated to release first-quarter 2024 results on May 7, before market open. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at 9 cents and $15.05 million, respectively.
For the first quarter, the consensus estimate for NKLA’s loss per share has remained unchanged in the past 60 days. Its bottom-line estimates imply growth of 65.38% from the year-ago reported number.
The Zacks Consensus Estimate for its quarterly revenues suggests year-over-year growth of 35.38%.
NKLA surpassed earnings estimates in three of the trailing four quarters and missed once, the average negative surprise being 11.24%.
In fourth-quarter 2023, Nikola incurred an adjusted quarterly loss of 12 cents per share, narrower than the Zacks Consensus Estimate of a loss of 18 cents. The company had incurred an adjusted loss of 46 cents per share in the fourth quarter of 2022.
Nikola posted revenues of $12 million in the quarter, missing the Zacks Consensus Estimate of $15 million.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Nikola this time around. 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. This is not the case here.
Earnings ESP: NKLA 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: Nikola currently carries a Zacks Rank #3.
Things to Note
In the first quarter of 2024, via HYLA brand, the company produced 43 Class 8 Nikola hydrogen fuel cell electric vehicles (FCEV), up from 42 units produced in the fourth quarter of 2023. It sold 40 units of FCEV, up from 35 units sold in the previous quarter. The rise in number of units sold is likely to have bolstered NKLA’s performance in the to-be-reported quarter.
The company opened its first modular refueling station in Ontario, CA, and its first Canadian refueling station in Edmonton, Alberta in the first quarter of 2024. The company aims to establish up to 60 hydrogen refueling stations in the coming years, with nine stations slated for completion by the end of second-quarter 2024. The newly opened stations are expected to have boosted the company’s top-line growth.
NKLA is eligible for the Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles Program, which offers Canadian organizations in all provinces, territories and municipalities up to CAD200,000 in incentives toward the purchase or lease of the Nikola hydrogen fuel cell electric truck and up to CAD150,000 in incentives toward the purchase or lease of the Nikola battery-electric truck.
It is also eligible for the Clean BC Go Electric Rebates in the province of British Columbia, which offers CAD150,000 in incentives toward the purchase or lease of both the Nikola hydrogen fuel cell and battery-electric truck. Expansion of the dealer network, along with incentives, is likely to have bolstered NKLA’s performance.
However, in the fourth quarter of 2023, the total cost of revenues increased to $11.5 million from $5.5 million reported in the year-ago quarter. The rising cost is expected to have persisted and adversely impacted the company’s margin.
Nikola continues to face challenges typical of early-stage companies like scaling infrastructure and managing expenses. With a capital-intensive business model, NKLA is at risk of sustaining substantial operating expenses without generating sufficient revenues to cover expenditures. Early-stage challenges and the risk of high operating expenses are likely to have hurt the company’s performance in the first quarter.
Earnings Whispers for Other Auto Stocks
Lucid Group, Inc. (LCID - Free Report) has an Earnings ESP of -8.00% and a Zacks Rank #3 at present. It is scheduled to post first-quarter earnings on May 6. The Zacks Consensus Estimate is pegged at a loss of 25 cents per share. You can see the complete list of today’s Zacks #1 Rank stocks here.
LCID missed earnings estimates in each of the trailing four quarters, the average negative surprise being 7.96%.
Rivian Automotive, Inc. (RIVN - Free Report) has an Earnings ESP of -1.77% and a Zacks Rank #3 at present. The company is slated to post first-quarter 2024 earnings on May 7. The Zacks Consensus Estimate is pegged at a loss of $1.13 per share.
RIVN surpassed earnings estimates in each of the trailing four quarters, the average surprise being 13.82%.
Luminar Technologies, Inc. (LAZR - Free Report) has an Earnings ESP of -39.33% and a Zacks Rank #2 at present. The company is scheduled to post first-quarter 2024 earnings on May 7. The Zacks Consensus Estimate is pegged at a loss of 22 cents per share.
LAZR surpassed earnings estimates in one of the trailing four quarters and missed thrice, the average surprise being 4.86%.
Image: Bigstock
Nikola (NKLA) to Report Q1 Earnings: Here's What to Expect
Nikola Corporation (NKLA - Free Report) is slated to release first-quarter 2024 results on May 7, before market open. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at 9 cents and $15.05 million, respectively.
For the first quarter, the consensus estimate for NKLA’s loss per share has remained unchanged in the past 60 days. Its bottom-line estimates imply growth of 65.38% from the year-ago reported number.
The Zacks Consensus Estimate for its quarterly revenues suggests year-over-year growth of 35.38%.
NKLA surpassed earnings estimates in three of the trailing four quarters and missed once, the average negative surprise being 11.24%.
Nikola Corporation Price and EPS Surprise
Nikola Corporation price-eps-surprise | Nikola Corporation Quote
Q4 Highlights
In fourth-quarter 2023, Nikola incurred an adjusted quarterly loss of 12 cents per share, narrower than the Zacks Consensus Estimate of a loss of 18 cents. The company had incurred an adjusted loss of 46 cents per share in the fourth quarter of 2022.
Nikola posted revenues of $12 million in the quarter, missing the Zacks Consensus Estimate of $15 million.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Nikola this time around. 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. This is not the case here.
Earnings ESP: NKLA 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: Nikola currently carries a Zacks Rank #3.
Things to Note
In the first quarter of 2024, via HYLA brand, the company produced 43 Class 8 Nikola hydrogen fuel cell electric vehicles (FCEV), up from 42 units produced in the fourth quarter of 2023. It sold 40 units of FCEV, up from 35 units sold in the previous quarter. The rise in number of units sold is likely to have bolstered NKLA’s performance in the to-be-reported quarter.
The company opened its first modular refueling station in Ontario, CA, and its first Canadian refueling station in Edmonton, Alberta in the first quarter of 2024. The company aims to establish up to 60 hydrogen refueling stations in the coming years, with nine stations slated for completion by the end of second-quarter 2024. The newly opened stations are expected to have boosted the company’s top-line growth.
NKLA is eligible for the Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles Program, which offers Canadian organizations in all provinces, territories and municipalities up to CAD200,000 in incentives toward the purchase or lease of the Nikola hydrogen fuel cell electric truck and up to CAD150,000 in incentives toward the purchase or lease of the Nikola battery-electric truck.
It is also eligible for the Clean BC Go Electric Rebates in the province of British Columbia, which offers CAD150,000 in incentives toward the purchase or lease of both the Nikola hydrogen fuel cell and battery-electric truck. Expansion of the dealer network, along with incentives, is likely to have bolstered NKLA’s performance.
However, in the fourth quarter of 2023, the total cost of revenues increased to $11.5 million from $5.5 million reported in the year-ago quarter. The rising cost is expected to have persisted and adversely impacted the company’s margin.
Nikola continues to face challenges typical of early-stage companies like scaling infrastructure and managing expenses. With a capital-intensive business model, NKLA is at risk of sustaining substantial operating expenses without generating sufficient revenues to cover expenditures. Early-stage challenges and the risk of high operating expenses are likely to have hurt the company’s performance in the first quarter.
Earnings Whispers for Other Auto Stocks
Lucid Group, Inc. (LCID - Free Report) has an Earnings ESP of -8.00% and a Zacks Rank #3 at present. It is scheduled to post first-quarter earnings on May 6. The Zacks Consensus Estimate is pegged at a loss of 25 cents per share. You can see the complete list of today’s Zacks #1 Rank stocks here.
LCID missed earnings estimates in each of the trailing four quarters, the average negative surprise being 7.96%.
Rivian Automotive, Inc. (RIVN - Free Report) has an Earnings ESP of -1.77% and a Zacks Rank #3 at present. The company is slated to post first-quarter 2024 earnings on May 7. The Zacks Consensus Estimate is pegged at a loss of $1.13 per share.
RIVN surpassed earnings estimates in each of the trailing four quarters, the average surprise being 13.82%.
Luminar Technologies, Inc. (LAZR - Free Report) has an Earnings ESP of -39.33% and a Zacks Rank #2 at present. The company is scheduled to post first-quarter 2024 earnings on May 7. The Zacks Consensus Estimate is pegged at a loss of 22 cents per share.
LAZR surpassed earnings estimates in one of the trailing four quarters and missed thrice, the average surprise being 4.86%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.