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EVgo (EVGO) Reports Q3: Everything You Need To Know Ahead Of Earnings

EVGO Cover Image

Electric vehicle charging company EVgo (NASDAQ: EVGO) will be reporting earnings this Monday before market hours. Here’s what to expect.

EVgo beat analysts’ revenue expectations by 15.7% last quarter, reporting revenues of $98.03 million, up 47.2% year on year. It was an exceptional quarter for the company, with a beat of analysts’ EPS estimates and an impressive beat of analysts’ adjusted operating income estimates. It reported 88 gigawatt-hours sold, up 33.3% year on year.

Is EVgo a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting EVgo’s revenue to grow 35.8% year on year to $91.68 million, slowing from the 92.4% increase it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.16 per share.

EVgo Total Revenue

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. EVgo has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 8.2% on average.

Looking at EVgo’s peers in the renewable energy segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Bloom Energy delivered year-on-year revenue growth of 57.1%, beating analysts’ expectations by 22.8%, and EnerSys reported revenues up 7.6%, topping estimates by 6.9%. Bloom Energy traded up 18% following the results while EnerSys was also up 1.9%.

Read our full analysis of Bloom Energy’s results here and EnerSys’s results here.

There has been positive sentiment among investors in the renewable energy segment, with share prices up 2.2% on average over the last month. EVgo is down 18% during the same time and is heading into earnings with an average analyst price target of $6.34 (compared to the current share price of $3.50).

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