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Blink (BLNK) to Report Q2 Earnings: Here's What to Expect
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Blink Charging Co. (BLNK - Free Report) is slated to release second-quarter 2024 results on Aug 7, after the closing bell. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at 14 cents and $39.3 million, respectively.
For the second quarter, the consensus estimate for BLNK’s loss per share has narrowed by 2 cents in the past seven days. Its bottom-line estimates imply an increase of 68.18% from the year-ago reported number.
The Zacks Consensus Estimate for revenues suggests a year-over-year rise of 19.68%.
BLNK surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 36.76%. This is depicted in the graph below:
In first-quarter 2024, Blink incurred a loss of 13 cents per share, narrower than the Zacks Consensus Estimate of a loss of 23 cents. The company had incurred a loss per share of 49 cents in the year-ago period. Blink posted revenues of $37.6 million, outpacing the Zacks Consensus Estimate of $33 million and rising 72.7% from the year-ago quarter.
Things to Note
Per Kelley Blue Book, in the second quarter of 2024, electric vehicle sales in the United States rose 11.3% year over year. Growing demand for EV infrastructure is likely to have benefited Blink in the to-be-reported quarter. Moreover, in May, BLNK was awarded a contract to become one of the official EV charging providers for the state of New York. In the first quarter, Blink’s service revenues and charging service revenues increased 72% and 74%, respectively, on the back of strong demand.
The Zacks Consensus Estimate for product sales in the second quarter of 2024 is pegged at $30.9 million, suggesting a rise from $24.59 million reported in the year-ago quarter. The Zacks Consensus Estimate for revenues from charging service is pegged at $5.15 million, indicating a rise from $4.37 million reported in the year-ago quarter. The Zacks Consensus Estimate for revenues from network fees is pegged at $2.18 million, suggesting a rise from $1.67 million reported in the year-ago period.
Blink is on track to achieve its gross margin target of 33% in 2024. Its gross margin improved to 36% in the first quarter of 2024 compared with 21% in the corresponding quarter of 2023. The ongoing transition to higher-margin products, increasing vertical integration in charger manufacturing and achievement of higher gross margins from service revenues are likely to have bolstered the company’s margins in the to-be-reported quarter.
Earnings Whispers
Our proven model predicts an earnings beat for Blink this time around, as it has the right combination of the two key ingredients. A positive Earnings ESP, combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), increases the odds of an earnings beat. This is the case here.
Earnings ESP: BLNK has an Earnings ESP of +4.88%. This is because the Most Accurate Estimate is pegged higher than 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: Blink currently sports a Zacks Rank #1.
Earnings Whispers for Other Auto Stocks
Lucid Group, Inc. (LCID - Free Report) has an Earnings ESP of +1.85% and a Zacks Rank #4 (Sell) at present. It is scheduled to post second-quarter earnings on Aug 5. The Zacks Consensus Estimate is pegged at a loss of 27 cents per share. You can see the complete list of today’s Zacks #1 Rank stocks here.
LCID missed estimates in each of the trailing four quarters, the average negative surprise being 10.39%.
Rivian Automotive, Inc. (RIVN - Free Report) has an Earnings ESP of -7.93% and a Zacks Rank #2 at present. The company is slated to post second-quarter 2024 earnings on Aug 6. The Zacks Consensus Estimate is pegged at a loss of $1.14 per share.
RIVN surpassed earnings estimates in three of the trailing four quarters and missed once, the average surprise being 8.19%.
Image: Bigstock
Blink (BLNK) to Report Q2 Earnings: Here's What to Expect
Blink Charging Co. (BLNK - Free Report) is slated to release second-quarter 2024 results on Aug 7, after the closing bell. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at 14 cents and $39.3 million, respectively.
For the second quarter, the consensus estimate for BLNK’s loss per share has narrowed by 2 cents in the past seven days. Its bottom-line estimates imply an increase of 68.18% from the year-ago reported number.
The Zacks Consensus Estimate for revenues suggests a year-over-year rise of 19.68%.
BLNK surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 36.76%. This is depicted in the graph below:
Blink Charging Co. Price and EPS Surprise
Blink Charging Co. price-eps-surprise | Blink Charging Co. Quote
Q1 Highlights
In first-quarter 2024, Blink incurred a loss of 13 cents per share, narrower than the Zacks Consensus Estimate of a loss of 23 cents. The company had incurred a loss per share of 49 cents in the year-ago period. Blink posted revenues of $37.6 million, outpacing the Zacks Consensus Estimate of $33 million and rising 72.7% from the year-ago quarter.
Things to Note
Per Kelley Blue Book, in the second quarter of 2024, electric vehicle sales in the United States rose 11.3% year over year. Growing demand for EV infrastructure is likely to have benefited Blink in the to-be-reported quarter. Moreover, in May, BLNK was awarded a contract to become one of the official EV charging providers for the state of New York. In the first quarter, Blink’s service revenues and charging service revenues increased 72% and 74%, respectively, on the back of strong demand.
The Zacks Consensus Estimate for product sales in the second quarter of 2024 is pegged at $30.9 million, suggesting a rise from $24.59 million reported in the year-ago quarter. The Zacks Consensus Estimate for revenues from charging service is pegged at $5.15 million, indicating a rise from $4.37 million reported in the year-ago quarter. The Zacks Consensus Estimate for revenues from network fees is pegged at $2.18 million, suggesting a rise from $1.67 million reported in the year-ago period.
Blink is on track to achieve its gross margin target of 33% in 2024. Its gross margin improved to 36% in the first quarter of 2024 compared with 21% in the corresponding quarter of 2023. The ongoing transition to higher-margin products, increasing vertical integration in charger manufacturing and achievement of higher gross margins from service revenues are likely to have bolstered the company’s margins in the to-be-reported quarter.
Earnings Whispers
Our proven model predicts an earnings beat for Blink this time around, as it has the right combination of the two key ingredients. A positive Earnings ESP, combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), increases the odds of an earnings beat. This is the case here.
Earnings ESP: BLNK has an Earnings ESP of +4.88%. This is because the Most Accurate Estimate is pegged higher than 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: Blink currently sports a Zacks Rank #1.
Earnings Whispers for Other Auto Stocks
Lucid Group, Inc. (LCID - Free Report) has an Earnings ESP of +1.85% and a Zacks Rank #4 (Sell) at present. It is scheduled to post second-quarter earnings on Aug 5. The Zacks Consensus Estimate is pegged at a loss of 27 cents per share. You can see the complete list of today’s Zacks #1 Rank stocks here.
LCID missed estimates in each of the trailing four quarters, the average negative surprise being 10.39%.
Rivian Automotive, Inc. (RIVN - Free Report) has an Earnings ESP of -7.93% and a Zacks Rank #2 at present. The company is slated to post second-quarter 2024 earnings on Aug 6. The Zacks Consensus Estimate is pegged at a loss of $1.14 per share.
RIVN surpassed earnings estimates in three of the trailing four quarters and missed once, the average surprise being 8.19%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.