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EVgo, Inc. (EVGO - Free Report) announced a few financial and operating results for fiscal year 2023. The preliminary 2023 throughput of the company was nearly 130 gigawatt-hours. Its network utilization increased to 19% in December 2023 from 15% in September 2023.
At the end of 2023, EVGO had more than 3,500 stalls in operation or under construction, including EVgo eXtend stalls. It expects to meet or surpass the guidance range provided on Nov 8, 2023.
Under a simplified organizational structure, EVgo’s business development, marketing and technology functions will be streamlined and consolidated with operations, reporting to Dennis Kish, EVgo’s Chief Operating Officer. With the organizational realignment, Kish has now been appointed as the company’s president.
Ivo Steklac, chief technology officer and Tanvi Chaturvedi, chief revenue officer of EVgo, are set to leave the company. During a transition period, Mr. Steklac will serve as the strategic advisor and is expected to leave the company this year. Ms. Chaturvedi is expected to hold her title till the end of February 2024.
With the organizational realignment, EVGO plans to focus on expanding its core public charging network business, derive operational efficiencies, enhance its cost structure and expedite progress toward its growth and profitability goals.
Per Badar Khan, CEO of EVgo, the growth engine built by Kish has helped the company accelerate its deployments while making significant improvements to customers’ experiences. Kish’s track record makes him a suitable fit for the role of EVGO’s president.
Meanwhile, following the announcement of the initial charging program for drivers of the 2023 bZ4X, EVGO and Toyota Motor Corporation (TM - Free Report) have agreed to extend the agreement. Per the extended agreement, the drivers who buy or lease a new 2024 bZ4x will get one year of complimentary charging on the EVgo’s nationwide fast charging network.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings suggests year-over-year growth of 4.2% and 73.1%, respectively. The EPS estimates for 2023 and 2024 have improved by 4 cents and 3 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for HMC’s 2024 sales and earnings implies year-over-year growth of 14.8% and 35%, respectively. The EPS estimates for 2024 and 2025 have moved up by 9 cents and 12 cents, respectively, in the past 30 days.
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EVGO Discloses Preliminary Financial & Operating Results
EVgo, Inc. (EVGO - Free Report) announced a few financial and operating results for fiscal year 2023. The preliminary 2023 throughput of the company was nearly 130 gigawatt-hours. Its network utilization increased to 19% in December 2023 from 15% in September 2023.
At the end of 2023, EVGO had more than 3,500 stalls in operation or under construction, including EVgo eXtend stalls. It expects to meet or surpass the guidance range provided on Nov 8, 2023.
Under a simplified organizational structure, EVgo’s business development, marketing and technology functions will be streamlined and consolidated with operations, reporting to Dennis Kish, EVgo’s Chief Operating Officer. With the organizational realignment, Kish has now been appointed as the company’s president.
Ivo Steklac, chief technology officer and Tanvi Chaturvedi, chief revenue officer of EVgo, are set to leave the company. During a transition period, Mr. Steklac will serve as the strategic advisor and is expected to leave the company this year. Ms. Chaturvedi is expected to hold her title till the end of February 2024.
With the organizational realignment, EVGO plans to focus on expanding its core public charging network business, derive operational efficiencies, enhance its cost structure and expedite progress toward its growth and profitability goals.
Per Badar Khan, CEO of EVgo, the growth engine built by Kish has helped the company accelerate its deployments while making significant improvements to customers’ experiences. Kish’s track record makes him a suitable fit for the role of EVGO’s president.
Meanwhile, following the announcement of the initial charging program for drivers of the 2023 bZ4X, EVGO and Toyota Motor Corporation (TM - Free Report) have agreed to extend the agreement. Per the extended agreement, the drivers who buy or lease a new 2024 bZ4x will get one year of complimentary charging on the EVgo’s nationwide fast charging network.
Zacks Rank & Key Picks
EVGO currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the auto space are Volvo (VLVLY - Free Report) and Honda Motor Co., Ltd. (HMC - 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 VLVLY’s 2023 sales and earnings suggests year-over-year growth of 4.2% and 73.1%, respectively. The EPS estimates for 2023 and 2024 have improved by 4 cents and 3 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for HMC’s 2024 sales and earnings implies year-over-year growth of 14.8% and 35%, respectively. The EPS estimates for 2024 and 2025 have moved up by 9 cents and 12 cents, respectively, in the past 30 days.