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Lucid (LCID) to Report Q1 Earnings: Here's What to Expect
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Lucid Group (LCID - Free Report) is scheduled to release first-quarter 2024 results on May 6, after the closing bell. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at 25 cents and $173.09 million, respectively. The consensus mark for Lucid’s first-quarter loss per share has increased a penny in the past 30 days.
Lucid’s bottom-line estimates imply growth of 41.86% from the year-ago reported figure. The Zacks Consensus Estimate for its quarterly revenues suggests a year-over-year rise of 15.83%.
In the last reported quarter, it posted a net loss of 29 cents per share, wider than the Zacks Consensus Estimate of a loss of 28 cents but narrower than the year-ago loss of 40 cents. It reported revenues of $157 million, which missed the Zacks Consensus Estimate of $167 million and declined from $258 million recorded in the year-ago quarter.
LCID missed earnings estimates in each of the trailing four quarters, the average negative surprise being 7.96%. This is depicted in the graph below:
Let’s take a look at how things have shaped ahead of its first-quarter earnings release.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Lucid. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as elaborated below.
Earnings ESP: Lucid has an Earnings ESP of -8.00%. This is because the Most Accurate Estimate for a loss is wider than the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: LCID currently carries a Zacks Rank #3.
Key Developments in Q1
LCID remains focused on making EV ownership more accessible by addressing common barriers like cost and convenience. In the first quarter of 2024, the company announced the availability of its Lucid Air Pure RWD at $69,900, offering exceptional value with a 410-mile range, the longest of any electric sedan except Lucid's. The Air Touring and Grand Touring models add all-wheel drive and higher performance, which are priced at $77,900 and $109,900 respectively.
Factors to Note
In the first quarter, the company delivered 1,967 vehicles, up from 1,734 vehicles delivered in the previous quarter. In the fourth quarter of 2023, the cost of revenues declined to $410 million from $615.3 million reported in the corresponding quarter of 2022. Manufacturing efficiencies are expected to have kept the cost of revenues lower in the first quarter of 2024 on a yearly basis. The rise in deliveries and lower costs are likely to have benefited Lucid’s performance in the to-be-reported quarter.
However, being at a relatively nascent stage, Lucid has been investing a lot in advanced technologies to cater to the changing dynamics of the industry, which has been affecting operating margins. In the fourth quarter of 2023, LCID’s research and development expenses rose to nearly $243 million, up from $221.3 million in the corresponding quarter of 2022. Also, the company’s selling, general and administrative expenses increased to $241 million from $170.9 million in the corresponding quarter of 2022. The trend is expected to have continued in the first quarter.
Rising operating expenses are likely to have hurt the company’s operating margin in the to-be-reported quarter.
Earnings Whispers for Other Auto Stocks
Rivian Automotive, Inc. (RIVN - Free Report) has an Earnings ESP of -1.77% and a Zacks Rank #3 at present. The company is slated to post first-quarter 2024 earnings on May 7. The Zacks Consensus Estimate is pegged at a loss of $1.13 per share. You can see the complete list of today’s Zacks #1 Rank stocks here.
RIVN surpassed earnings estimates in each of the trailing four quarters, the average surprise being 13.82%.
Nikola Corporation (NKLA - Free Report) has an Earnings ESP of 0.00% and a Zacks Rank #3 at present. The company is scheduled to post first-quarter 2024 earnings on May 7. The Zacks Consensus Estimate is pegged at a loss of 9 cents per share.
NKLA surpassed earnings estimates in three of the trailing four quarters and missed once, the average negative surprise being 11.24%.
Luminar Technologies, Inc. (LAZR - Free Report) has an Earnings ESP of -39.33% and a Zacks Rank #2 at present. The company is scheduled to post first-quarter 2024 earnings on May 7. The Zacks Consensus Estimate is pegged at a loss of 22 cents per share.
LAZR surpassed earnings estimates in one of the trailing four quarters and missed thrice, the average surprise being 4.86%.
Image: Bigstock
Lucid (LCID) to Report Q1 Earnings: Here's What to Expect
Lucid Group (LCID - Free Report) is scheduled to release first-quarter 2024 results on May 6, after the closing bell. The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share and revenues is pegged at 25 cents and $173.09 million, respectively. The consensus mark for Lucid’s first-quarter loss per share has increased a penny in the past 30 days.
Lucid’s bottom-line estimates imply growth of 41.86% from the year-ago reported figure. The Zacks Consensus Estimate for its quarterly revenues suggests a year-over-year rise of 15.83%.
In the last reported quarter, it posted a net loss of 29 cents per share, wider than the Zacks Consensus Estimate of a loss of 28 cents but narrower than the year-ago loss of 40 cents. It reported revenues of $157 million, which missed the Zacks Consensus Estimate of $167 million and declined from $258 million recorded in the year-ago quarter.
LCID missed earnings estimates in each of the trailing four quarters, the average negative surprise being 7.96%. This is depicted in the graph below:
Lucid Group, Inc. Price and EPS Surprise
Lucid Group, Inc. price-eps-surprise | Lucid Group, Inc. Quote
Let’s take a look at how things have shaped ahead of its first-quarter earnings release.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Lucid. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as elaborated below.
Earnings ESP: Lucid has an Earnings ESP of -8.00%. This is because the Most Accurate Estimate for a loss is wider than the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: LCID currently carries a Zacks Rank #3.
Key Developments in Q1
LCID remains focused on making EV ownership more accessible by addressing common barriers like cost and convenience. In the first quarter of 2024, the company announced the availability of its Lucid Air Pure RWD at $69,900, offering exceptional value with a 410-mile range, the longest of any electric sedan except Lucid's. The Air Touring and Grand Touring models add all-wheel drive and higher performance, which are priced at $77,900 and $109,900 respectively.
Factors to Note
In the first quarter, the company delivered 1,967 vehicles, up from 1,734 vehicles delivered in the previous quarter. In the fourth quarter of 2023, the cost of revenues declined to $410 million from $615.3 million reported in the corresponding quarter of 2022. Manufacturing efficiencies are expected to have kept the cost of revenues lower in the first quarter of 2024 on a yearly basis. The rise in deliveries and lower costs are likely to have benefited Lucid’s performance in the to-be-reported quarter.
However, being at a relatively nascent stage, Lucid has been investing a lot in advanced technologies to cater to the changing dynamics of the industry, which has been affecting operating margins. In the fourth quarter of 2023, LCID’s research and development expenses rose to nearly $243 million, up from $221.3 million in the corresponding quarter of 2022. Also, the company’s selling, general and administrative expenses increased to $241 million from $170.9 million in the corresponding quarter of 2022. The trend is expected to have continued in the first quarter.
Rising operating expenses are likely to have hurt the company’s operating margin in the to-be-reported quarter.
Earnings Whispers for Other Auto Stocks
Rivian Automotive, Inc. (RIVN - Free Report) has an Earnings ESP of -1.77% and a Zacks Rank #3 at present. The company is slated to post first-quarter 2024 earnings on May 7. The Zacks Consensus Estimate is pegged at a loss of $1.13 per share. You can see the complete list of today’s Zacks #1 Rank stocks here.
RIVN surpassed earnings estimates in each of the trailing four quarters, the average surprise being 13.82%.
Nikola Corporation (NKLA - Free Report) has an Earnings ESP of 0.00% and a Zacks Rank #3 at present. The company is scheduled to post first-quarter 2024 earnings on May 7. The Zacks Consensus Estimate is pegged at a loss of 9 cents per share.
NKLA surpassed earnings estimates in three of the trailing four quarters and missed once, the average negative surprise being 11.24%.
Luminar Technologies, Inc. (LAZR - Free Report) has an Earnings ESP of -39.33% and a Zacks Rank #2 at present. The company is scheduled to post first-quarter 2024 earnings on May 7. The Zacks Consensus Estimate is pegged at a loss of 22 cents per share.
LAZR surpassed earnings estimates in one of the trailing four quarters and missed thrice, the average surprise being 4.86%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.