Nikola Corporation NKLA is slated to release first-quarter 2023 results on May 9, before market open. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at 28 cents and $16.25 million, respectively.
For the first quarter, the consensus estimate for NKLA’s loss per share has been unchanged in the past 60 days. Its bottom-line estimates imply a deterioration of 33.33% from the year-ago reported number. Over the trailing four quarters, NKLA surpassed the consensus estimate on all occasions, the average surprise being 19.35%. This is depicted in the graph below:
Nikola Corporation Price and EPS Surprise
Nikola Corporation price-eps-surprise | Nikola Corporation Quote
In fourth-quarter 2022, Nikola incurred an adjusted quarterly loss of 37 cents per share, narrower than the Zacks Consensus Estimate of a loss of 46 cents. This compares to an adjusted loss of 23 cents per share reported a year ago. Nikola posted revenues of $6.5 million in the quarter, lagging the Zacks Consensus Estimate of $34 million.
Our proven model does not conclusively predict an earnings beat for Nikola for first-quarter 2023, as it does not have 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.
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: It currently carries a Zacks Rank #3.
Things to Note
Nikola produced 133 Tre battery electric vehicle trucks in the fourth quarter of 2022, up from 75 Tre BEVs in the third quarter. For full-year 2023, the company plans to deliver 250-350 Tre BEVs. To accomplish its plan of accelerating deliveries, Nikola hired Bruce Kurtt, who brings over 30 years of medium- and heavy-duty trucking expertise to the table, as SVP Commercial and Sales. Nikola also partnered with ChargePoint to sell ChargePoint charging infrastructure and software to customers, which offers customers an integrated mobility solution with trucks and a full suite of charging products. The on-boarding of a veteran and partnership with ChargePoint are likely to have accelerated customer deliveries in the to-be-reported quarter.
On the other hand, in the fourth quarter of 2022, the gross loss widened to $45.7 million, up from $30.2 million in the preceding quarter. The research and development expense also increased in the fourth quarter of 2022 to $69.4 million, up from $66.7 million in the preceding quarter. Widening gross losses and high expenses are likely to strain the results of the to-be-reported quarter.
Earnings Whispers for Peers
Lucid Group LCID is schedule to report first quarter earnings on May 8. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pegged at a loss of 38 cents per share. The company has an Earnings ESP of -12.00% and a Zacks Rank #4 (Sell).
LCID surpassed earnings estimates in two out of the trailing four quarters and missed in two in fiscal year 2022, the average surprise being 21.14%.
Rivian RIVN is schedule to report first quarter earnings on May 9. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pegged at a loss of $1.51 per share. The company has an Earnings ESP of +0.84% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
RIVN surpassed earnings estimates in three of the trailing four quarters and missed in one in fiscal year 2022, the average surprise being 19.35%.
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