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What's in the Cards for FREYR Battery (FREY) in Q3 Earnings?
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FREYR Battery (FREY - Free Report) is slated to report third-quarter 2022 results on Nov 14 before the opening bell. FREYR Battery has a trailing four-quarter negative earnings surprise of 63.65%, on average.
Factors to Note
Due to recovering economic activities lately, the higher demand for battery storage is likely to have contributed to the company’s revenues in the soon-to-be-reported quarter.
From the cost perspective, with FREYR's board approving incremental spending and commitments to continue progressing in Giga Arctic, in line with the company’s projection, we may expect its expenditures to have increased in the third quarter of 2022. This might have hurt the company’s bottom line in the third quarter.
However, the solid demand scenario prevalent in the solar industry must have boosted quarterly earnings. The Zacks Consensus Estimate for third-quarter earnings is pegged at a loss of 29 cents per share, indicating an improvement from the prior-year reported figure.
Our proven model does not conclusively predict an earnings beat for FREY this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that is not the case here.
Earnings ESP: The company’s Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: FREYR Battery carries a Zacks Rank #4 (Sell).
Clearway Energy Inc. (CWEN - Free Report) recorded operating earnings per share of 28 cents in the third quarter of 2022, surpassing the Zacks Consensus Estimate of 13 cents by 115.4%. The bottom line also increased 55.6% from the year-ago figure’s tally of 18 cents.
However, operating revenues of $340 million missed the Zacks Consensus Estimate of $358 million by 5.1%. The top line fell by 3.1% from $351 million in the prior-year quarter.
Gevo, Inc. (GEVO - Free Report) reported a quarterly loss of 19 cents per share, wider than the Zacks Consensus Estimate of a loss of 6 cents. This compares to a loss of 7 cents per share a year ago.
GEVO reported total revenues of $309 million compared with $120 million in the year-ago period. The quarterly report represented an earnings surprise of -216.67%.
Texas Pacific (TPL - Free Report) reported quarterly earnings of $16.82 per share, beating the Zacks Consensus Estimate of $14.38 per share. This compares to the earnings of $10.82 per share a year ago.
TPL’s total revenues increased $67.4 million for the third quarter of 2022 compared to the same period in 2021. The quarterly report represented an earnings surprise of 16.97%.
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What's in the Cards for FREYR Battery (FREY) in Q3 Earnings?
FREYR Battery (FREY - Free Report) is slated to report third-quarter 2022 results on Nov 14 before the opening bell. FREYR Battery has a trailing four-quarter negative earnings surprise of 63.65%, on average.
Factors to Note
Due to recovering economic activities lately, the higher demand for battery storage is likely to have contributed to the company’s revenues in the soon-to-be-reported quarter.
From the cost perspective, with FREYR's board approving incremental spending and commitments to continue progressing in Giga Arctic, in line with the company’s projection, we may expect its expenditures to have increased in the third quarter of 2022. This might have hurt the company’s bottom line in the third quarter.
However, the solid demand scenario prevalent in the solar industry must have boosted quarterly earnings. The Zacks Consensus Estimate for third-quarter earnings is pegged at a loss of 29 cents per share, indicating an improvement from the prior-year reported figure.
FREYR Battery Price and EPS Surprise
FREYR Battery price-eps-surprise | FREYR Battery Quote
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for FREY this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that is not the case here.
Earnings ESP: The company’s Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: FREYR Battery carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Recent Industry Releases
Clearway Energy Inc. (CWEN - Free Report) recorded operating earnings per share of 28 cents in the third quarter of 2022, surpassing the Zacks Consensus Estimate of 13 cents by 115.4%. The bottom line also increased 55.6% from the year-ago figure’s tally of 18 cents.
However, operating revenues of $340 million missed the Zacks Consensus Estimate of $358 million by 5.1%. The top line fell by 3.1% from $351 million in the prior-year quarter.
Gevo, Inc. (GEVO - Free Report) reported a quarterly loss of 19 cents per share, wider than the Zacks Consensus Estimate of a loss of 6 cents. This compares to a loss of 7 cents per share a year ago.
GEVO reported total revenues of $309 million compared with $120 million in the year-ago period. The quarterly report represented an earnings surprise of -216.67%.
Texas Pacific (TPL - Free Report) reported quarterly earnings of $16.82 per share, beating the Zacks Consensus Estimate of $14.38 per share. This compares to the earnings of $10.82 per share a year ago.
TPL’s total revenues increased $67.4 million for the third quarter of 2022 compared to the same period in 2021. The quarterly report represented an earnings surprise of 16.97%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.