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Mobileye Global Inc. (MBLY - Free Report) registered second-quarter 2023 adjusted earnings per share of 17 cents, outpacing the Zacks Consensus Estimate of 13 cents. The bottom line, however, fell 20% from the 21 cents per share reported in the year-ago quarter.
Total revenues amounted to $454 million, marking a fall of 1% year over year. The de-stocking of SuperVision units at the main customer acted as a headwind for Mobileye in the given quarter. The figure, however, surpassed the Zacks Consensus Estimate of $453 million.
Mobileye Global Inc. Price, Consensus and EPS Surprise
Mobileye’s gross margin in the second quarter of 2023 remained consistent with the prior year period because the downward impact of the increased cost of the EyeQ chip was mostly offset by the lower impact of the cost attributable to amortization of intangible assets as a percentage of revenue. However, adjusted gross margin declined by 3 percentage points year over year due to the increased cost of the EyeQ chip, which was passed through as a price increase to customers as of the beginning of 2023 on a zero-margin basis.
Operating margin declined by nearly 9 percentage points year over year due to an increase in research and development expenses.
Mobileye had cash and cash equivalents of $1,142 million as of Jul 1, 2023, up from $1,024 million as of Dec 31, 2022. Operating cash flow for the six months ended Jul 1, 2023, was $197 million. For the six months ended Jul 1, 2023, capex was $58 million.
Updated 2023 Guidance
For the full year of 2023, Mobileye estimates revenues to be in the range of $2,065-$2,114 million, same as the previously estimated range. It expects operating loss in the band of $129-$98 million, narrower from the previously guided range of $195-$166 million. Amortization of acquired intangible assets is estimated to be around $474 million, same as the prior guidance. Share-based compensation expenses are projected in the range of $255 million, down from the previous guidance of $269 million. Adjusted Operating Income is now estimated in the range of $600-$631 million, up from the previous guidance of $ 548 - $577 million.
The Zacks Consensus Estimate for F’s 2023 sales implies year-over-year growth of 4.9%. The 2023 EPS estimate has been revised upward by 5 cents in the past seven days. The EPS estimate for 2024 has moved north by 5 cents in the past seven days.
The Zacks Consensus Estimate for LEA’s 2023 sales and earnings implies year-over-year growth of 16% and 75.4%, respectively. The EPS estimate for 2023 has moved north by 20 cents in the past seven days. The 2024 EPS estimate has moved up by 24 cents in the past seven days.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 7.2% and 282.9%, respectively. The EPS estimate for 2023 has moved up by a cent in the past seven days. The 2024 EPS estimate has remained unchanged in the past seven days.
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Mobileye (MBLY) Q2 Earnings & Revenues Surpass Estimates
Mobileye Global Inc. (MBLY - Free Report) registered second-quarter 2023 adjusted earnings per share of 17 cents, outpacing the Zacks Consensus Estimate of 13 cents. The bottom line, however, fell 20% from the 21 cents per share reported in the year-ago quarter.
Total revenues amounted to $454 million, marking a fall of 1% year over year. The de-stocking of SuperVision units at the main customer acted as a headwind for Mobileye in the given quarter. The figure, however, surpassed the Zacks Consensus Estimate of $453 million.
Mobileye Global Inc. Price, Consensus and EPS Surprise
Mobileye Global Inc. price-consensus-eps-surprise-chart | Mobileye Global Inc. Quote
Financials
Mobileye’s gross margin in the second quarter of 2023 remained consistent with the prior year period because the downward impact of the increased cost of the EyeQ chip was mostly offset by the lower impact of the cost attributable to amortization of intangible assets as a percentage of revenue. However, adjusted gross margin declined by 3 percentage points year over year due to the increased cost of the EyeQ chip, which was passed through as a price increase to customers as of the beginning of 2023 on a zero-margin basis.
Operating margin declined by nearly 9 percentage points year over year due to an increase in research and development expenses.
Mobileye had cash and cash equivalents of $1,142 million as of Jul 1, 2023, up from $1,024 million as of Dec 31, 2022. Operating cash flow for the six months ended Jul 1, 2023, was $197 million. For the six months ended Jul 1, 2023, capex was $58 million.
Updated 2023 Guidance
For the full year of 2023, Mobileye estimates revenues to be in the range of $2,065-$2,114 million, same as the previously estimated range. It expects operating loss in the band of $129-$98 million, narrower from the previously guided range of $195-$166 million. Amortization of acquired intangible assets is estimated to be around $474 million, same as the prior guidance. Share-based compensation expenses are projected in the range of $255 million, down from the previous guidance of $269 million. Adjusted Operating Income is now estimated in the range of $600-$631 million, up from the previous guidance of $ 548 - $577 million.
Zacks Rank & Key Picks
MBLY currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the auto space include Ford Motor Company (F - Free Report) , Oshkosh Corporation (OSK - Free Report) and Lear Corporation (LEA - Free Report) . While F sports a Zacks Rank #1 (Strong Buy), LEA and OSK each carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for F’s 2023 sales implies year-over-year growth of 4.9%. The 2023 EPS estimate has been revised upward by 5 cents in the past seven days. The EPS estimate for 2024 has moved north by 5 cents in the past seven days.
The Zacks Consensus Estimate for LEA’s 2023 sales and earnings implies year-over-year growth of 16% and 75.4%, respectively. The EPS estimate for 2023 has moved north by 20 cents in the past seven days. The 2024 EPS estimate has moved up by 24 cents in the past seven days.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 7.2% and 282.9%, respectively. The EPS estimate for 2023 has moved up by a cent in the past seven days. The 2024 EPS estimate has remained unchanged in the past seven days.