Bloom Energy Corporation (BE - Free Report) posted fourth-quarter earnings of 27 cents per share, which surpassed the Zacks Consensus Estimate of 14 cents by 93%. The bottom line improved by 640% from the year-ago quarter’s adjusted loss of 5 cents per share.
Revenues
Fourth-quarter revenues totaled $462.6 million, which surpassed the Zacks Consensus Estimate of $398 million by 16.3%. The top line increased 35.1% from the year-ago quarter’s reported figure of $342.5 million.
Full-year 2022 revenues totaled $1,199.1 million, up 23.3% from $972.2 million reported in the last year.
Highlights of the Release
Fourth-quarter operating expenses totaled $81.7 million, up 21.2% from the year-ago quarter’s $67.4 million due to a 31.7% increase in research and development expense.
BE’s total operating expenses for 2022 totaled $309.5 million, up 24% from $249.8 million in the last year.
Bloom Energy reported operating loss of $33.5 million in 2022, an improvement of $4.9 million from $38.4 million in 2021.
Bloom Energy reported interest expenses of $5.2 million, down 62.6% from $13.9 million in the prior-year quarter.
As of Dec 31, 2022, the system contract value had a backlog of $2.8 billion, up 16% from $2.4 billion on Dec 31, 2021.
As of Dec 31, 2022, the service backlog was of $7.2 billion, up 17% from $6.2 billion year over year.
Financial Highlights
Cash and cash equivalents as of Dec 31, 2022, were $348.5 million compared with $396 million as of Dec 31, 2021.
Bloom Energy’s net cash used in operating activities for 2022 was $191.8 million compared with $60.8 million in the last year.
Guidance
For 2023, Bloom Energy expects revenues to be in the range of $1.4- $1.5 billion. Its forecast for product and service revenues is in the range of $1.25- $1.35 billion.
BE’s expectation for 2023 gross margin is 25%.
Zacks Rank
Bloom Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Upcoming Releases
Energy Transfer (ET - Free Report) is scheduled to report fourth-quarter results on Feb 15, after market close. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 37 cents per unit, indicating a year-over-year increase of 27.6%.
The Zacks Consensus Estimate for 2023 earnings per unit is $1.43, implying a year-over-year increase of 2.06%. ET delivered an average earnings surprise of 16.34% in the last four quarters.
Denbury is scheduled to report fourth-quarter results on Feb 23, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.61 per share, indicating a year-over-year increase of 111.84%.
The Zacks Consensus Estimate for 2023 earnings per share (EPS) is $8.01, implying a year-over-year increase of 15.04%. DEN delivered an average earnings surprise of 7.14% in the last four quarters.
Evergy (EVRG - Free Report) is scheduled to report fourth-quarter results on Feb 24, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 22 cents per share, indicating a year-over-year increase of 37.5%.
EVRG’s long-term (three to five years) earnings growth rate is 5.3%. The Zacks Consensus Estimate for 2023 EPS is pegged at $3.65, implying a year-over-year increase of 1.11%.
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Bloom Energy Corporation (BE - Free Report) posted fourth-quarter earnings of 27 cents per share, which surpassed the Zacks Consensus Estimate of 14 cents by 93%. The bottom line improved by 640% from the year-ago quarter’s adjusted loss of 5 cents per share.
Revenues
Fourth-quarter revenues totaled $462.6 million, which surpassed the Zacks Consensus Estimate of $398 million by 16.3%. The top line increased 35.1% from the year-ago quarter’s reported figure of $342.5 million.
Full-year 2022 revenues totaled $1,199.1 million, up 23.3% from $972.2 million reported in the last year.
Highlights of the Release
Fourth-quarter operating expenses totaled $81.7 million, up 21.2% from the year-ago quarter’s $67.4 million due to a 31.7% increase in research and development expense.
BE’s total operating expenses for 2022 totaled $309.5 million, up 24% from $249.8 million in the last year.
Bloom Energy reported operating loss of $33.5 million in 2022, an improvement of $4.9 million from $38.4 million in 2021.
Bloom Energy reported interest expenses of $5.2 million, down 62.6% from $13.9 million in the prior-year quarter.
As of Dec 31, 2022, the system contract value had a backlog of $2.8 billion, up 16% from $2.4 billion on Dec 31, 2021.
As of Dec 31, 2022, the service backlog was of $7.2 billion, up 17% from $6.2 billion year over year.
Financial Highlights
Cash and cash equivalents as of Dec 31, 2022, were $348.5 million compared with $396 million as of Dec 31, 2021.
Bloom Energy’s net cash used in operating activities for 2022 was $191.8 million compared with $60.8 million in the last year.
Guidance
For 2023, Bloom Energy expects revenues to be in the range of $1.4- $1.5 billion. Its forecast for product and service revenues is in the range of $1.25- $1.35 billion.
BE’s expectation for 2023 gross margin is 25%.
Zacks Rank
Bloom Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Upcoming Releases
Energy Transfer (ET - Free Report) is scheduled to report fourth-quarter results on Feb 15, after market close. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 37 cents per unit, indicating a year-over-year increase of 27.6%.
The Zacks Consensus Estimate for 2023 earnings per unit is $1.43, implying a year-over-year increase of 2.06%. ET delivered an average earnings surprise of 16.34% in the last four quarters.
Denbury is scheduled to report fourth-quarter results on Feb 23, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.61 per share, indicating a year-over-year increase of 111.84%.
The Zacks Consensus Estimate for 2023 earnings per share (EPS) is $8.01, implying a year-over-year increase of 15.04%. DEN delivered an average earnings surprise of 7.14% in the last four quarters.
Evergy (EVRG - Free Report) is scheduled to report fourth-quarter results on Feb 24, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 22 cents per share, indicating a year-over-year increase of 37.5%.
EVRG’s long-term (three to five years) earnings growth rate is 5.3%. The Zacks Consensus Estimate for 2023 EPS is pegged at $3.65, implying a year-over-year increase of 1.11%.
Free Report: Must-See Energy Stocks for 2023
Record profits at oil companies can mean big gains for you. With soaring demand and elevated prices, oil stocks could be top performers by far in 2023. Zacks has released a special report revealing the 4 oil stocks experts believe will deliver the biggest gains. (You’ll never guess Stock #2!)
Download Oil Market on Fire today, absolutely free.
Get the latest research report on ET - FREE
Get the latest research report on EVRG - FREE
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