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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.
Bloom Energy Corporation Price, Consensus and EPS Surprise
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.
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's (BE) Q4 Earnings & Revenues Surpass Estimates
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.
Bloom Energy Corporation Price, Consensus and EPS Surprise
Bloom Energy Corporation price-consensus-eps-surprise-chart | Bloom Energy Corporation Quote
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%.