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NIO's Q2 Loss Widens Y/Y, Revenues Rise, Outlook Revised
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NIO Inc. (NIO - Free Report) incurred a loss per American Depositary Share (ADS) of 25 cents in second-quarter of 2022, wider than the year-ago loss of 7 cents amid higher operating expenses, despite improved deliveries. The China-based electric vehicle (EV) maker posted revenues of $1,536.6 million, up 21.8% year over year on the back of robust deliveries.
NIO delivered 25,059 vehicles in the second quarter, including 3,681 ES8s, 9,914 ES6s, 4,715 EC6s and 6,749 ET7s. The combined deliveries increased 14.4% from the year-ago quarter.
The revenues generated from vehicle sales amounted to $1,428.9 million, rising 21% year over year. The increase in vehicle sales was mainly led by higher deliveries. Other sales amounted to $107.7 million, up 34.6%. The upswing was led by the increased revenues derived from auto financing services, sales of service and energy packages and used car sales.
The gross profit came at $200.1 million, decreasing 14.8% year over year. The vehicle margin in the reported quarter declined to 16.7% from 20.3%. Increased battery cost per unit affected vehicle margins. The gross margin was 13%, down from 18.6% in second-quarter 2021.
The research & development and selling, general & administrative costs were $320.9 million and $340.8 million, respectively, reflecting a year-over-year surge of 143.2% and 52.4%.
The cash and cash equivalents totaled $3,659.8 million as of Jun 30, 2022, increasing from $2,694 million as of Jun 30, 2021. The long-term debt was $1,815.7 million as of the same date, rising from $1,516.5 million.
Q3 Outlook
NIO modified its outlook for the third quarter of 2022. In the quarter it expects deliveries in the band of 31,000-33,000 vehicles, signaling a year-over-year uptick of 26.8-35%. Revenues are envisioned between $1,918 million and $2,030 million, indicating a year-over-year increase of 31-38.7%.
BorgWarner has an expected earnings growth rate of 2.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 0.7% upward in the past 30 days.
BorgWarner’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. BWA pulled off a trailing four-quarter earnings surprise of 29.45%, on average. The stock has declined 10.5% in the past year.
Tesla has an expected earnings growth rate of 76.5% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 1% upward in the past 30 days.
Tesla’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. TSLA pulled off a trailing four-quarter earnings surprise of 32.17%, on average. The stock has increased 12.9% in the past year.
LCI Industries has an expected earnings growth rate of 68.1% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
LCI Industries’ earnings beat the Zacks Consensus Estimate in all the trailing four quarters. LCII pulled off a trailing four-quarter earnings surprise of 26.48%, on average. The stock has declined 9.8% over the past year.
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NIO's Q2 Loss Widens Y/Y, Revenues Rise, Outlook Revised
NIO Inc. (NIO - Free Report) incurred a loss per American Depositary Share (ADS) of 25 cents in second-quarter of 2022, wider than the year-ago loss of 7 cents amid higher operating expenses, despite improved deliveries. The China-based electric vehicle (EV) maker posted revenues of $1,536.6 million, up 21.8% year over year on the back of robust deliveries.
NIO delivered 25,059 vehicles in the second quarter, including 3,681 ES8s, 9,914 ES6s, 4,715 EC6s and 6,749 ET7s. The combined deliveries increased 14.4% from the year-ago quarter.
NIO Inc. Price, Consensus and EPS Surprise
NIO Inc. price-consensus-eps-surprise-chart | NIO Inc. Quote
Key Details
The revenues generated from vehicle sales amounted to $1,428.9 million, rising 21% year over year. The increase in vehicle sales was mainly led by higher deliveries. Other sales amounted to $107.7 million, up 34.6%. The upswing was led by the increased revenues derived from auto financing services, sales of service and energy packages and used car sales.
The gross profit came at $200.1 million, decreasing 14.8% year over year. The vehicle margin in the reported quarter declined to 16.7% from 20.3%. Increased battery cost per unit affected vehicle margins. The gross margin was 13%, down from 18.6% in second-quarter 2021.
The research & development and selling, general & administrative costs were $320.9 million and $340.8 million, respectively, reflecting a year-over-year surge of 143.2% and 52.4%.
The cash and cash equivalents totaled $3,659.8 million as of Jun 30, 2022, increasing from $2,694 million as of Jun 30, 2021. The long-term debt was $1,815.7 million as of the same date, rising from $1,516.5 million.
Q3 Outlook
NIO modified its outlook for the third quarter of 2022. In the quarter it expects deliveries in the band of 31,000-33,000 vehicles, signaling a year-over-year uptick of 26.8-35%. Revenues are envisioned between $1,918 million and $2,030 million, indicating a year-over-year increase of 31-38.7%.
Zacks Rank & Key Picks
NIO carries a Zacks Rank #3 (Hold), currently.
Better-ranked players in the auto space include BorgWarner (BWA - Free Report) , Tesla Inc. (TSLA - Free Report) and LCI Industries (LCII - Free Report) , each carrying a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BorgWarner has an expected earnings growth rate of 2.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 0.7% upward in the past 30 days.
BorgWarner’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. BWA pulled off a trailing four-quarter earnings surprise of 29.45%, on average. The stock has declined 10.5% in the past year.
Tesla has an expected earnings growth rate of 76.5% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 1% upward in the past 30 days.
Tesla’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. TSLA pulled off a trailing four-quarter earnings surprise of 32.17%, on average. The stock has increased 12.9% in the past year.
LCI Industries has an expected earnings growth rate of 68.1% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
LCI Industries’ earnings beat the Zacks Consensus Estimate in all the trailing four quarters. LCII pulled off a trailing four-quarter earnings surprise of 26.48%, on average. The stock has declined 9.8% over the past year.