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What's in the Offing for Lordstown's (RIDE) Q3 Earnings?
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Lordstown Motors is slated to release third-quarter 2022 results on Nov 8, before the market opens. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share is pegged at 28 cents.
For the third quarter, the consensus estimate for RIDE’s loss per share has remained constant in the past 60 days. Its bottom-line estimates imply growth of 48.1% from the year-ago reported number. Over the trailing four quarters, RIDE surpassed the consensus estimate on all occasions, with an average surprise of 29.35%. This is depicted in the graph below:
In second-quarter 2022, RIDE reported quarterly earnings of 32 cents per share, reversing from the year-ago loss of 61 cents. The Zacks Consensus Estimate was pegged at a loss of 47 cents.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for the original equipment manufacturer for the quarter to be reported, as it lacks the right combination of the two key ingredients. A combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: RIDE has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate equals the Zacks Consensus Estimate.
Zacks Rank: It currently carries a Zacks Rank of 3.
In a laudatory development in the third quarter, Lordstown began commercial production of its flagship Endurance full-size EV truck at the Foxconn EV Ohio plant. Lordstown’s venture with Foxconn provides solid support to its EV ambitions by ensuring a flexible and less capital-intensive business model. The funding by Foxconn is likely to be an added advantage for the company and is likely to have aided its margins in the third quarter.
On the flip side, the OEM industry is facing the brunt of the ongoing chip crisis that has been aggravated by the Russia-Ukraine war and is negatively impacting new production. Also, there is a shortage of raw materials and electronic components and logistics challenges. These, coupled with soaring commodity costs, are likely to have dented the company’s margins in the third quarter. SG&A expenses have also been on the rise with technological advancements. This might have hindered the firm’s quarterly profits.
Stocks With Favorable Combination
While an earnings beat is uncertain for Lordstown, here are a few stocks, which, according to our model, have the right combination of elements to post an earnings beat for the quarter to be reported:
CNH Industrial (CNHI - Free Report) will release third-quarter 2022 results on Nov 08. The company has an Earnings ESP of +6.25% and a Zacks Rank #3.
The Zacks Consensus Estimate for CNH Industrial’s to-be-reported quarter’s earnings and revenues is pegged at 32 cents per share and $5.33 billion, respectively. CNHI surpassed earnings estimates in all four trailing quarters, with the average surprise being 27.73%.
Rivian Automotive (RIVN - Free Report) will release third-quarter 2022 results on Nov 9. The company has an Earnings ESP of +0.47% and a Zacks Rank #3.
The Zacks Consensus Estimate is pegged at a loss of $1.78 a share for Rivian’s to-be-reported quarter, and the same for revenues is pegged at $513.89 million. RIVN surpassed earnings estimates in two of the trailing four quarters and missed the rest, with the average surprise being a negative 6.68%.
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What's in the Offing for Lordstown's (RIDE) Q3 Earnings?
Lordstown Motors is slated to release third-quarter 2022 results on Nov 8, before the market opens. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share is pegged at 28 cents.
For the third quarter, the consensus estimate for RIDE’s loss per share has remained constant in the past 60 days. Its bottom-line estimates imply growth of 48.1% from the year-ago reported number. Over the trailing four quarters, RIDE surpassed the consensus estimate on all occasions, with an average surprise of 29.35%. This is depicted in the graph below:
Lordstown Motors Corp. Price and EPS Surprise
Lordstown Motors Corp. price-eps-surprise | Lordstown Motors Corp. Quote
Q2 Highlights
In second-quarter 2022, RIDE reported quarterly earnings of 32 cents per share, reversing from the year-ago loss of 61 cents. The Zacks Consensus Estimate was pegged at a loss of 47 cents.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for the original equipment manufacturer for the quarter to be reported, as it lacks the right combination of the two key ingredients. A combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: RIDE has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate equals the Zacks Consensus Estimate.
Zacks Rank: It currently carries a Zacks Rank of 3.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors at Play
In a laudatory development in the third quarter, Lordstown began commercial production of its flagship Endurance full-size EV truck at the Foxconn EV Ohio plant. Lordstown’s venture with Foxconn provides solid support to its EV ambitions by ensuring a flexible and less capital-intensive business model. The funding by Foxconn is likely to be an added advantage for the company and is likely to have aided its margins in the third quarter.
On the flip side, the OEM industry is facing the brunt of the ongoing chip crisis that has been aggravated by the Russia-Ukraine war and is negatively impacting new production. Also, there is a shortage of raw materials and electronic components and logistics challenges. These, coupled with soaring commodity costs, are likely to have dented the company’s margins in the third quarter. SG&A expenses have also been on the rise with technological advancements. This might have hindered the firm’s quarterly profits.
Stocks With Favorable Combination
While an earnings beat is uncertain for Lordstown, here are a few stocks, which, according to our model, have the right combination of elements to post an earnings beat for the quarter to be reported:
CNH Industrial (CNHI - Free Report) will release third-quarter 2022 results on Nov 08. The company has an Earnings ESP of +6.25% and a Zacks Rank #3.
The Zacks Consensus Estimate for CNH Industrial’s to-be-reported quarter’s earnings and revenues is pegged at 32 cents per share and $5.33 billion, respectively. CNHI surpassed earnings estimates in all four trailing quarters, with the average surprise being 27.73%.
Rivian Automotive (RIVN - Free Report) will release third-quarter 2022 results on Nov 9. The company has an Earnings ESP of +0.47% and a Zacks Rank #3.
The Zacks Consensus Estimate is pegged at a loss of $1.78 a share for Rivian’s to-be-reported quarter, and the same for revenues is pegged at $513.89 million. RIVN surpassed earnings estimates in two of the trailing four quarters and missed the rest, with the average surprise being a negative 6.68%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.