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Enovix (ENVX) to Report Q3 Earnings: What's in the Cards?
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Enovix Corporation (ENVX - Free Report) is slated to report third-quarter 2023 results on Nov 7, after market close.
In the last reported quarter, the company delivered an earnings surprise of 20.83%. It also delivered a trailing four-quarter average earnings surprise of 1.29%.
Factors to Note
Thanks to growing demand for its batteries, Enovix has been receiving solid orders for its battery cells in recent quarters. This, along with the company’s continued operational improvements in its first production line, must have enabled it to manufacture and thereby ship more battery cells to its customers.
Such solid product shipment can be expected to have bolstered its third-quarter top-line performance.
The Zacks Consensus Estimate for ENVX’s revenues is pegged at $0.18 million, indicating a massive improvement from the year-ago quarter’s level of $0.01 million.
With the company ramping up its engineering and manufacturing operations to meet the customer demand, hire experts as well as continue to invest in additional plant and equipment for product development, prototype building and battery testing, we may expect it to have incurred high operating expenses in the third quarter. This, in turn, is likely to have impacted its bottom-line performance.
The Zacks Consensus Estimate for third-quarter earnings is pegged at a loss of 24 cents per share, implying a deterioration from the year-ago quarter’s reported loss of 15 cents.
What the Zacks Model Unveils
Our proven model predicts an earnings beat for Enovix this time around. 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, which is the case here.
Earnings ESP: ENVX’s Earnings ESP is +8.33%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Here are three other companies from the same sector you may want to consider, as these too have the right combination of elements to post an earnings beat this reporting cycle.
Delek US Holdings (DK - Free Report) currently has an Earnings ESP of +5.26% and a Zacks Rank #2. The Zacks Consensus Estimate for Delek’s third-quarter sales is pegged at $3.96 billion.
The consensus estimate for third-quarter earnings is pinned at $1.29 per share. DK delivered an earnings surprise of 51.52% in the last four reported quarter.
Crescent Energy Company (CRGY - Free Report) currently has an Earnings ESP of +30.52% and a Zacks Rank #2. The Zacks Consensus Estimate for Crecent Energy’s third-quarter sales implies a decline of 34.7% from the prior-year reported figure.
CRGY delivered a trailing four-quarter average earnings surprise of 177.30%. The consensus estimate for third-quarter earnings is pinned at 26 cents per share.
Devon Energy (DVN - Free Report) currently has an Earnings ESP of +0.72% and a Zacks Rank #2. The Zacks Consensus Estimate for third-quarter sales is pegged at $4.03 billion, indicating a decline of 25.8% from the year-ago quarter’s reported number.
The consensus estimate for third-quarter earnings is pinned at $1.55 per share. The company delivered a trailing four-quarter average earnings surprise of 0.78%.
Image: Bigstock
Enovix (ENVX) to Report Q3 Earnings: What's in the Cards?
Enovix Corporation (ENVX - Free Report) is slated to report third-quarter 2023 results on Nov 7, after market close.
In the last reported quarter, the company delivered an earnings surprise of 20.83%. It also delivered a trailing four-quarter average earnings surprise of 1.29%.
Factors to Note
Thanks to growing demand for its batteries, Enovix has been receiving solid orders for its battery cells in recent quarters. This, along with the company’s continued operational improvements in its first production line, must have enabled it to manufacture and thereby ship more battery cells to its customers.
Enovix Corporation Price and EPS Surprise
Enovix Corporation price-eps-surprise | Enovix Corporation Quote
Such solid product shipment can be expected to have bolstered its third-quarter top-line performance.
The Zacks Consensus Estimate for ENVX’s revenues is pegged at $0.18 million, indicating a massive improvement from the year-ago quarter’s level of $0.01 million.
With the company ramping up its engineering and manufacturing operations to meet the customer demand, hire experts as well as continue to invest in additional plant and equipment for product development, prototype building and battery testing, we may expect it to have incurred high operating expenses in the third quarter. This, in turn, is likely to have impacted its bottom-line performance.
The Zacks Consensus Estimate for third-quarter earnings is pegged at a loss of 24 cents per share, implying a deterioration from the year-ago quarter’s reported loss of 15 cents.
What the Zacks Model Unveils
Our proven model predicts an earnings beat for Enovix this time around. 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, which is the case here.
Earnings ESP: ENVX’s Earnings ESP is +8.33%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Enovix currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Stocks to Consider
Here are three other companies from the same sector you may want to consider, as these too have the right combination of elements to post an earnings beat this reporting cycle.
Delek US Holdings (DK - Free Report) currently has an Earnings ESP of +5.26% and a Zacks Rank #2. The Zacks Consensus Estimate for Delek’s third-quarter sales is pegged at $3.96 billion.
The consensus estimate for third-quarter earnings is pinned at $1.29 per share. DK delivered an earnings surprise of 51.52% in the last four reported quarter.
Crescent Energy Company (CRGY - Free Report) currently has an Earnings ESP of +30.52% and a Zacks Rank #2. The Zacks Consensus Estimate for Crecent Energy’s third-quarter sales implies a decline of 34.7% from the prior-year reported figure.
CRGY delivered a trailing four-quarter average earnings surprise of 177.30%. The consensus estimate for third-quarter earnings is pinned at 26 cents per share.
Devon Energy (DVN - Free Report) currently has an Earnings ESP of +0.72% and a Zacks Rank #2. The Zacks Consensus Estimate for third-quarter sales is pegged at $4.03 billion, indicating a decline of 25.8% from the year-ago quarter’s reported number.
The consensus estimate for third-quarter earnings is pinned at $1.55 per share. The company delivered a trailing four-quarter average earnings surprise of 0.78%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.