Luxury electric car manufacturer Lucid (NASDAQ: LCID) will be reporting earnings this Tuesday afternoon. Here’s what to look for.
Lucid missed analysts’ revenue expectations last quarter, reporting revenues of $282.5 million, up 20.2% year on year. It was a disappointing quarter for the company, with a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.
Is Lucid a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Lucid’s revenue to grow 55.8% year on year, improving from the 29.3% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Lucid has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Lucid’s peers in the automobile manufacturing segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Rivian delivered year-on-year revenue growth of 27.2%, beating analysts’ expectations by 7.9%, and Mobileye reported flat revenue, topping estimates by 4.7%. Rivian traded down 9.6% following the results while Mobileye was also down 8.3%.
Read our full analysis of Rivian’s results here and Mobileye’s results here.
In the last twelve months or so, the market has shifted its attention from one area of macro importance to the next (AI disintermediation and AI capex spending to geopolitical conflict, rates, and whether the economy is on solid footing or not). While some of the automobile manufacturing stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5% on average over the last month. Lucid is up 10.8% during the same time and is heading into earnings with an average analyst price target of $8.30 (compared to the current share price of $7.37).
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