We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Mobileye (MBLY) Stock Declines 10% Since Q1 Earnings Miss
Read MoreHide Full Article
Shares of Mobileye Global Inc. (MBLY - Free Report) fell 10% since the company reported first-quarter 2024 results. It incurred an adjusted loss per share of 7 cents, wider than the Zacks Consensus Estimate of a loss of 6 cents. The company had reported earnings per share (EPS) of 14 cents in the year-ago quarter. Total revenues amounted to $239 million, down 48% year over year, beating the Zacks Consensus Estimate of $227 million.
Mobileye Global Inc. Price, Consensus and EPS Surprise
In the first quarter, Mobileye’s gross margin decreased 2,260 basis points year over year due to a rise in the percentage of revenues attributable to SuperVision and similar levels of amortization of intangible assets cost. Also, the adjusted gross margin declined 876 basis points year over year due to a rise in the percentage of revenues attributable to SuperVision.
Adjusted operating margin declined to a negative margin of 27% compared with the year-ago quarter's positive margin of 27%. The decline was primarily due to lower adjusted gross margin and higher operating expenses as a percentage of revenues.
MBLY had cash and cash equivalents of $1.22 billion as of Mar 30, 2024, up from $1.21 million as of Dec 30, 2023. Operating cash flow for the year (ended Mar 30, 2024) was $40 million. Capex was $22 million during the same time frame.
2024 Guidance
For full-year 2024, Mobileye estimates revenues in the range of $1,830-$1,960 million. It expects operating loss in the band of $468-$378 million. Amortization of acquired intangible assets is estimated to be $444 million. Share-based compensation expenses are projected to be $294 million. Adjusted operating income is estimated in the band of $270-$360 million.
The Zacks Consensus Estimate for GELYY’s 2024 sales suggests year-over-year growth of 36.6%. The EPS estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for OSK’s 2024 sales and earnings suggests year-over-year growth of 9.86% and 10.72%, respectively. The EPS estimates for 2024 and 2025 have improved 73 cents and 70 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for GOEV’s 2024 sales and earnings suggests year-over-year growth of 7,722.3% and 56.83%, respectively. The EPS estimates for 2024 and 2025 have improved $2.85 and $2.36, respectively, in the past 60 days.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Mobileye (MBLY) Stock Declines 10% Since Q1 Earnings Miss
Shares of Mobileye Global Inc. (MBLY - Free Report) fell 10% since the company reported first-quarter 2024 results. It incurred an adjusted loss per share of 7 cents, wider than the Zacks Consensus Estimate of a loss of 6 cents. The company had reported earnings per share (EPS) of 14 cents in the year-ago quarter. Total revenues amounted to $239 million, down 48% year over year, beating the Zacks Consensus Estimate of $227 million.
Mobileye Global Inc. Price, Consensus and EPS Surprise
Mobileye Global Inc. price-consensus-eps-surprise-chart | Mobileye Global Inc. Quote
Financials
In the first quarter, Mobileye’s gross margin decreased 2,260 basis points year over year due to a rise in the percentage of revenues attributable to SuperVision and similar levels of amortization of intangible assets cost. Also, the adjusted gross margin declined 876 basis points year over year due to a rise in the percentage of revenues attributable to SuperVision.
Adjusted operating margin declined to a negative margin of 27% compared with the year-ago quarter's positive margin of 27%. The decline was primarily due to lower adjusted gross margin and higher operating expenses as a percentage of revenues.
MBLY had cash and cash equivalents of $1.22 billion as of Mar 30, 2024, up from $1.21 million as of Dec 30, 2023. Operating cash flow for the year (ended Mar 30, 2024) was $40 million. Capex was $22 million during the same time frame.
2024 Guidance
For full-year 2024, Mobileye estimates revenues in the range of $1,830-$1,960 million. It expects operating loss in the band of $468-$378 million. Amortization of acquired intangible assets is estimated to be $444 million. Share-based compensation expenses are projected to be $294 million. Adjusted operating income is estimated in the band of $270-$360 million.
Zacks Rank & Key Picks
MBLY currently carries a Zacks Rank #4 (Sell).
Some better-ranked players in the auto space are Geely Automobile Holdings Limited (GELYY - Free Report) , Oshkosh Corporation (OSK - Free Report) and Canoo Inc. , 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 GELYY’s 2024 sales suggests year-over-year growth of 36.6%. The EPS estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for OSK’s 2024 sales and earnings suggests year-over-year growth of 9.86% and 10.72%, respectively. The EPS estimates for 2024 and 2025 have improved 73 cents and 70 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for GOEV’s 2024 sales and earnings suggests year-over-year growth of 7,722.3% and 56.83%, respectively. The EPS estimates for 2024 and 2025 have improved $2.85 and $2.36, respectively, in the past 60 days.