Lyft’s (LYFT - Free Report) shares surged 13.1% in after-market trading on Nov 2 following its strong third-quarter 2021 performance with better-than-expected earnings and revenues.
The company reported third-quarter earnings (excluding 26 cents from non-recurring items) of 5 cents per share against the Zacks Consensus Estimate of a loss of 3 cents. In the year-ago period, the company had incurred a loss of 90 cents per share amid significant decline in ride volumes induced by coronavirus-led woes.
Total revenues of $864.4 million outperformed the Zacks Consensus Estimate of $860.2 million and also surged approximately 73% year over year. The top line benefited from 51.4% jump in Active Riders (riders who take at least one ride during a quarter on Lyft’s multimodal platform through its app), which totaled 18.94 million in the reported quarter. This San Francisco-based company’s Revenue per Active Rider increased 14.2% year over year to $45.63.
Lyft’s third-quarter performance improved sequentially as well, reflecting continued recovery in rideshare rides. Total revenues increased 13% from the second quarter of 2021 with 10.5% rise in Active Riders.
Lyft’s adjusted EBITDA in the third quarter was $67.3 million, an improvement of $307 million year over year and $43.5 million sequentially. This marks the company’s second straight quarter of generating adjusted EBITDA profits. Adjusted EBITDA margin for the third quarter was 7.8% against adjusted EBITDA loss margin of 48% in the year-ago period. In the second quarter of 2021, adjusted EBITDA margin was 3.1%.
Total costs and expenses climbed 9.3% year over year to $1.04 billion in the quarter. Contribution improved more than 100% year over year to $513.6 million. Contribution margin increased to 59.4% from 49.8% in the year-ago period. Lyft, carrying a Zacks Rank #2 (Buy), exited the third quarter with unrestricted cash, cash equivalents and short-term investments of $2.4 billion compared with $2.25 billion at the end of 2020. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q4 Outlook
For fourth-quarter 2021, Lyft expects adjusted EBITDA of $70 million-$75 million. Revenues are expected between $930 million and $940 million in the same period. The Zacks Consensus Estimate for the same stands at $953.99 million.
Performance of Other Computer & Technology Stocks
Within the broader Computer and Technology sector, AMETEK, Inc. (AME - Free Report) , T-Mobile US, Inc. (TMUS - Free Report) and Carrier Global Corporation (CARR - Free Report) recently reported earnings numbers.
AMETEK’s third-quarter 2021 adjusted earnings of $1.26 per sharebeat the Zacks Consensus Estimate by 5.9%.Net sales of $1.44 billion surpassed the Zacks Consensus Estimate of $1.41 billion. The stock carries a Zacks Rank #3 (Hold).
T-Mobile, carrying a Zacks Rank #3, reported third-quarter 2021 earnings of 55 cents per share beating the Zacks Consensus Estimate of 54 cents per share. Revenues of $19.6 billion missed the Zacks Consensus Estimate by 2.51%.
Carrier Global, carrying a Zacks Rank #3, reported third-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate by 7.6%. However, net sales of $5.341 billion missed the Zacks Consensus Estimate of $5.343 billion.
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Lyft’s (LYFT - Free Report) shares surged 13.1% in after-market trading on Nov 2 following its strong third-quarter 2021 performance with better-than-expected earnings and revenues.
The company reported third-quarter earnings (excluding 26 cents from non-recurring items) of 5 cents per share against the Zacks Consensus Estimate of a loss of 3 cents. In the year-ago period, the company had incurred a loss of 90 cents per share amid significant decline in ride volumes induced by coronavirus-led woes.
Total revenues of $864.4 million outperformed the Zacks Consensus Estimate of $860.2 million and also surged approximately 73% year over year. The top line benefited from 51.4% jump in Active Riders (riders who take at least one ride during a quarter on Lyft’s multimodal platform through its app), which totaled 18.94 million in the reported quarter. This San Francisco-based company’s Revenue per Active Rider increased 14.2% year over year to $45.63.
Lyft’s third-quarter performance improved sequentially as well, reflecting continued recovery in rideshare rides. Total revenues increased 13% from the second quarter of 2021 with 10.5% rise in Active Riders.
Lyft’s adjusted EBITDA in the third quarter was $67.3 million, an improvement of $307 million year over year and $43.5 million sequentially. This marks the company’s second straight quarter of generating adjusted EBITDA profits. Adjusted EBITDA margin for the third quarter was 7.8% against adjusted EBITDA loss margin of 48% in the year-ago period. In the second quarter of 2021, adjusted EBITDA margin was 3.1%.
Total costs and expenses climbed 9.3% year over year to $1.04 billion in the quarter. Contribution improved more than 100% year over year to $513.6 million. Contribution margin increased to 59.4% from 49.8% in the year-ago period. Lyft, carrying a Zacks Rank #2 (Buy), exited the third quarter with unrestricted cash, cash equivalents and short-term investments of $2.4 billion compared with $2.25 billion at the end of 2020. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q4 Outlook
For fourth-quarter 2021, Lyft expects adjusted EBITDA of $70 million-$75 million. Revenues are expected between $930 million and $940 million in the same period. The Zacks Consensus Estimate for the same stands at $953.99 million.
Performance of Other Computer & Technology Stocks
Within the broader Computer and Technology sector, AMETEK, Inc. (AME - Free Report) , T-Mobile US, Inc. (TMUS - Free Report) and Carrier Global Corporation (CARR - Free Report) recently reported earnings numbers.
AMETEK’s third-quarter 2021 adjusted earnings of $1.26 per sharebeat the Zacks Consensus Estimate by 5.9%.Net sales of $1.44 billion surpassed the Zacks Consensus Estimate of $1.41 billion. The stock carries a Zacks Rank #3 (Hold).
T-Mobile, carrying a Zacks Rank #3, reported third-quarter 2021 earnings of 55 cents per share beating the Zacks Consensus Estimate of 54 cents per share. Revenues of $19.6 billion missed the Zacks Consensus Estimate by 2.51%.
Carrier Global, carrying a Zacks Rank #3, reported third-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate by 7.6%. However, net sales of $5.341 billion missed the Zacks Consensus Estimate of $5.343 billion.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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