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NIO Q2 Earnings and Revenues Surpass Estimates, Increase Y/Y
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NIO Inc. (NIO - Free Report) incurred a loss per American Depositary Share of 34 cents in the second quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of 46 cents. The company had reported a loss of 51 cents in the year-ago quarter.
This China-based electric vehicle maker posted revenues of $2.40 billion, which beat the Zacks Consensus Estimate of $2.35 billion and rose 98.3% year over year due to higher delivery volumes.
NIO delivered 57,373 vehicles in the second quarter, up 143.9% year over year, including 32,562 SUVs and 24,811 sedans.
Revenues generated from vehicle sales amounted to $2.15 billion, up 117.8% year over year. The rise in sales was mainly attributable to an increase in delivery volume. Other sales of $243.1 million rose 11.1% on a year-over-year basis.
Gross profit came in at $232.4 million, up from $12 million reported in the year-ago quarter. Vehicle margin in the reported quarter climbed to 12.2% from 6.2% in the second quarter of 2023 due to lower material cost per unit. Gross margin was 9.7%, up from 1% in the year-ago quarter.
Research & development costs amounted to $442.9 million, which declined 3.9% year over year. Selling, general & administrative costs were $517 million, up 31.2% year over year. As of June 30, 2024, cash and cash equivalents totaled $5.7 billion and long-term debt amounted to $1.59 billion.
For third-quarter 2024, NIO projects deliveries in the range of 61,000-63,000 vehicles, implying a rise of 10-13.7% year over year. Revenues are estimated between $2,630 million and $2,707 million.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 4 cents each in the past 30 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.
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NIO Q2 Earnings and Revenues Surpass Estimates, Increase Y/Y
NIO Inc. (NIO - Free Report) incurred a loss per American Depositary Share of 34 cents in the second quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of 46 cents. The company had reported a loss of 51 cents in the year-ago quarter.
This China-based electric vehicle maker posted revenues of $2.40 billion, which beat the Zacks Consensus Estimate of $2.35 billion and rose 98.3% year over year due to higher delivery volumes.
NIO Inc. Price, Consensus and EPS Surprise
NIO Inc. price-consensus-eps-surprise-chart | NIO Inc. Quote
Key Details
NIO delivered 57,373 vehicles in the second quarter, up 143.9% year over year, including 32,562 SUVs and 24,811 sedans.
Revenues generated from vehicle sales amounted to $2.15 billion, up 117.8% year over year. The rise in sales was mainly attributable to an increase in delivery volume. Other sales of $243.1 million rose 11.1% on a year-over-year basis.
Gross profit came in at $232.4 million, up from $12 million reported in the year-ago quarter. Vehicle margin in the reported quarter climbed to 12.2% from 6.2% in the second quarter of 2023 due to lower material cost per unit. Gross margin was 9.7%, up from 1% in the year-ago quarter.
Research & development costs amounted to $442.9 million, which declined 3.9% year over year. Selling, general & administrative costs were $517 million, up 31.2% year over year. As of June 30, 2024, cash and cash equivalents totaled $5.7 billion and long-term debt amounted to $1.59 billion.
For third-quarter 2024, NIO projects deliveries in the range of 61,000-63,000 vehicles, implying a rise of 10-13.7% year over year. Revenues are estimated between $2,630 million and $2,707 million.
Zacks Rank & Key Picks
NIO currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. (DORM - Free Report) , Blue Bird Corporation (BLBD - Free Report) and Douglas Dynamics, Inc. (PLOW - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 4 cents each in the past 30 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.