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NIO Q4 Loss Narrower Than Expected, Revenues Increase Y/Y
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NIO Inc. (NIO - Free Report) incurred a loss per American Depositary Share of 45 cents in the fourth quarter of fiscal 2023, narrower than the Zacks Consensus Estimate of a loss of 51 cents. The company had reported a loss of 51 cents in the year-ago quarter.
This China-based electric vehicle maker posted revenues of $2.41 billion, which topped the Zacks Consensus Estimate of $2.29 billion and increased 3.4% year over year due to higher delivery volumes.
NIO delivered 50,045 vehicles in the fourth quarter, up 25% year over year, including 33,679 SUVs and 16,366 sedans.
Revenues generated from vehicle sales amounted to $2.17 billion, up 1.6% year over year. The increase in sales was mainly attributable to higher delivery volume. Other sales of $234.4 million rose 24%. Strong sales of accessories and the provision of power solutions contributed to the growth.
Gross profit came in at $180.2 million, up 100% year over year. Vehicle margin in the reported quarter climbed to 11.9% from 6.8% in fourth-quarter 2022 due to lower material cost per unit and inventory provision. Gross margin was 5.5%, down from 10.4% in the year-ago quarter.
Research & development and selling, general & administrative costs amounted to $559.5 million each, indicating a year-over-year decline of 3% and rise of 9.4%, respectively.
As of Dec 31, 2023, cash and cash equivalents totaled $4.64 billion, and long-term debt amounted to $1.84 billion.
For first-quarter 2024, NIO projects deliveries in the range of 31,000-33,000 vehicles, implying a decline of 0.1% to an increase of around 6.3% year over year. Revenues are estimated between $1,479 million and $1,562 million.
The Zacks Consensus Estimate for MOD’s 2024 sales and earnings suggests year-over-year growth of 4% and 67.2%, respectively. The earnings per share (EPS) estimates for 2024 has improved 22 cents in the past 60 days. The EPS estimates for 2025 has improved 12 cents in the past seven days.
The Zacks Consensus Estimate for GM’s 2024 sales and earnings suggests year-over-year growth of 1.8% and 17.2%, respectively. The EPS estimates for 2024 and 2025 have improved 17 cents and 32 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for ALSN’s 2024 sales and earnings suggests year-over-year growth of 2.1% and 3.2%, respectively. The EPS estimates for 2024 and 2025 have improved 67 cents and 71 cents, respectively, in the past 30 days.
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NIO Q4 Loss Narrower Than Expected, Revenues Increase Y/Y
NIO Inc. (NIO - Free Report) incurred a loss per American Depositary Share of 45 cents in the fourth quarter of fiscal 2023, narrower than the Zacks Consensus Estimate of a loss of 51 cents. The company had reported a loss of 51 cents in the year-ago quarter.
This China-based electric vehicle maker posted revenues of $2.41 billion, which topped the Zacks Consensus Estimate of $2.29 billion and increased 3.4% year over year due to higher delivery volumes.
NIO Inc. Price, Consensus and EPS Surprise
NIO Inc. price-consensus-eps-surprise-chart | NIO Inc. Quote
Key Details
NIO delivered 50,045 vehicles in the fourth quarter, up 25% year over year, including 33,679 SUVs and 16,366 sedans.
Revenues generated from vehicle sales amounted to $2.17 billion, up 1.6% year over year. The increase in sales was mainly attributable to higher delivery volume. Other sales of $234.4 million rose 24%. Strong sales of accessories and the provision of power solutions contributed to the growth.
Gross profit came in at $180.2 million, up 100% year over year. Vehicle margin in the reported quarter climbed to 11.9% from 6.8% in fourth-quarter 2022 due to lower material cost per unit and inventory provision. Gross margin was 5.5%, down from 10.4% in the year-ago quarter.
Research & development and selling, general & administrative costs amounted to $559.5 million each, indicating a year-over-year decline of 3% and rise of 9.4%, respectively.
As of Dec 31, 2023, cash and cash equivalents totaled $4.64 billion, and long-term debt amounted to $1.84 billion.
For first-quarter 2024, NIO projects deliveries in the range of 31,000-33,000 vehicles, implying a decline of 0.1% to an increase of around 6.3% year over year. Revenues are estimated between $1,479 million and $1,562 million.
Zacks Rank & Other Key Picks
NIO currently carries a Zacks Rank #2 (Buy).
Some other top-ranked players in the auto space are Modine Manufacturing Company (MOD - Free Report) , General Motors Company (GM - Free Report) and Allison Transmission Holdings, Inc. (ALSN - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for MOD’s 2024 sales and earnings suggests year-over-year growth of 4% and 67.2%, respectively. The earnings per share (EPS) estimates for 2024 has improved 22 cents in the past 60 days. The EPS estimates for 2025 has improved 12 cents in the past seven days.
The Zacks Consensus Estimate for GM’s 2024 sales and earnings suggests year-over-year growth of 1.8% and 17.2%, respectively. The EPS estimates for 2024 and 2025 have improved 17 cents and 32 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for ALSN’s 2024 sales and earnings suggests year-over-year growth of 2.1% and 3.2%, respectively. The EPS estimates for 2024 and 2025 have improved 67 cents and 71 cents, respectively, in the past 30 days.