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Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
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Mobileye Q3 Earnings Surpass Expectations, Guidance Revised
Mobileye Global Inc. (MBLY - Free Report) reported third-quarter 2024 adjusted earnings per share of 10 cents, which beat the Zacks Consensus Estimate of 9 cents. However, earnings were lower than 22 cents per share recorded in the year-ago quarter.
Total revenues amounted to $486 million, beating the Zacks Consensus Estimate of $482 million. However, the metric was down 8% year over year. This was primarily due to a 9% reduction in EyeQ volumes. The decrease stemmed from lower volumes shipped to China OEMs and a decline in overall global vehicle production.
Stay up-to-date with the quarterly releases: See Zacks Earnings Calendar.
In the third quarter, Mobileye’s gross margin decreased 3 percentage points year over year. The decline was mainly due to costs related to amortization of intangible assets, a lower revenue base and higher EyeQ-related costs per unit. Also, the adjusted gross margin declined 1 percentage point year over year due to higher EyeQ-related costs per unit.
Adjusted operating margin declined to 18 percentage points year over year. The decrease was attributed to higher operating expenses on a lower revenue base.
MBLY had cash and cash equivalents of $1.29 billion as of Sept. 28, 2024, compared to $1.21 million as of Dec. 30, 2023. Operating cash flow for the nine months (ended Sept. 28, 2024) was $196 million. Capex was $68 million during the same time frame.
Mobileye has updated its sales and profit guidance for the full-year 2024. Mobileye now estimates revenues in the range of $1.62-$1.66 billion compared to $1.60-$1.68 billion guided earlier. It expects operating loss in the band of $3,237-$3,264 million, wider than the prior guided range of $531-$580 million. Adjusted operating income is estimated in the band of $163-$190 million, down from $152-$201 million guided earlier.
Zacks Rank & Key Picks
MBLY currently carries a Zacks Rank #3 (Hold).
Some other top-ranked stocks in the auto space are Toyota Motor Corporation (TM - Free Report) , China Yuchai International Limited (CYD - Free Report) and BYD Company Limited (BYDDY - 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 Zacks Consensus Estimate for TM’s 2024 sales suggests year-over-year growth of 3.67%. Earnings per share (EPS) estimates for 2024 have improved 56 cents in the past 60 days. EPS estimates for 2025 have improved 6 cents in the past seven days.
The Zacks Consensus Estimate for CYD’s 2024 sales and earnings suggests year-over-year growth of 19.37% and 43.43%, respectively. EPS estimates for 2024 have improved by 35 cents in the past 60 days.
The Zacks Consensus Estimate for BYDDY’s 2024 sales and earnings suggests year-over-year growth of 20.91% and 23.63%, respectively. EPS estimates for 2024 and 2025 have improved by 12 cents and 13 cents, respectively, in the past seven days.