Yahoo Finance Luminar Technologies, Inc. (NASDAQ:LAZR) Just Released Its First-Quarter Results And Analysts Are Updating Their Estimates
Luminar Technologies, Inc. (NASDAQ:LAZR) last week reported its latest quarterly results, which makes it a good time for investors to dive in and see if the business is performing in line with expectations. Revenues came in 22% better than analyst models expected, at US$15m, although statutory losses ballooned 23% to US$0.40, which is much worse than what was forecast. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year.
View our latest analysis for Luminar Technologies
Taking into account the latest results, the current consensus from Luminar Technologies' twelve analysts is for revenues of US$88.0m in 2023, which would reflect a sizeable 82% increase on its sales over the past 12 months. Per-share losses are predicted to creep up to US$1.39. Before this latest report, the consensus had been expecting revenues of US$88.7m and US$1.09 per share in losses. While this year's revenue estimates held steady, there was also a considerable increase to loss per share expectations, suggesting the consensus has a bit of a mixed view on the stock.
The consensus price target held steady at US$12.79, seemingly implying that the higher forecast losses are not expected to have a long term impact on the company's valuation. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. There are some variant perceptions on Luminar Technologies, with the most bullish analyst valuing it at US$24.00 and the most bearish at US$4.50 per share. So we wouldn't be assigning too much credibility to analyst price targets in this case, because there are clearly some widely different views on what kind of performance this business can generate. With this in mind, we wouldn't rely too heavily the consensus price target, as it is just an average and analysts clearly have some deeply divergent views on the business.
These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Luminar Technologies' past performance and to peers in the same industry. The analysts are definitely expecting Luminar Technologies' growth to accelerate, with the forecast 122% annualised growth to the end of 2023 ranking favourably alongside historical growth of 44% per annum over the past three years. Compare this with other companies in the same industry, which are forecast to grow their revenue 16% annually. Factoring in the forecast acceleration in revenue, it's pretty clear that Luminar Technologies is expected to grow much faster than its industry.
The Bottom Line
The most important thing to take away is that the analysts increased their loss per share estimates for next year. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.
Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. At Simply Wall St, we have a full range of analyst estimates for Luminar Technologies going out to 2025, and you can see them free on our platform here..
And what about risks? Every company has them, and we've spotted 4 warning signs for Luminar Technologies you should know about.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Join A Paid User Research Session
You’ll receive a US$30 Amazon Gift card for 1 hour of your time while helping us build better investing tools for the individual investors like yourself. Sign up here
