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Energous (WATT) Q1 Earnings Beat Estimates, Revenues Fall Y/Y
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Energous Corporation (WATT - Free Report) incurred a loss of 83 cents per share in first-quarter 2024, narrower than the Zacks Consensus Estimate of a loss of 94 cents per share. The company had reported a loss of $1.60 per share in the year-ago quarter.
Energous reported net revenues of $64 million. The top line declined 34% year over year due to a decrease in transmitter sales volume.
Segmental Discussion
WATT reports its revenues under a single segment named wireless charging system solutions. Revenues from wireless charging system consist of revenues from product development projects and production-level systems.
Margin Profile
WATT’s cost of sales decreased 21.6% year over year to $109 million. The gross loss increased 7.1% to $45 million.
General and administrative expenses decreased 6.4% year over year to $1.9 billion. Research and development expenses declined 23.7% to $2.3 billion.
Balance Sheet and Cash Flow
While exiting the first quarter, the company had cash and cash equivalents of $10.7 billion compared with $13.9 billion reported at the end of fourth-quarter 2023. Accounts payable were $1.5 billion, higher than $1.9 billion reported at the end of the year-ago quarter.
In the first three months of 2024, net cash used in operating activities was $5.1 billion compared with $5.4 billion cash used in the year-ago period. Capital invested in purchases of property and equipment totaled $1 million. Free cash outflow was $5.2 billion compared with $13.9 billion free cash outflow a year ago.
Energous Corporation Price, Consensus and EPS Surprise
IDEX Corporation’s (IEX - Free Report) second-quarter adjusted earnings of $1.88 per share surpassed the Zacks Consensus Estimate of $1.75. On a year-over-year basis, the bottom line decreased approximately 10.1%.
IDEX’s net sales of $800.5 million underperformed the consensus estimate of $805 million. The top line also decreased 5.3% year over year.
A. O. Smith Corporation’s (AOS - Free Report) second-quarter 2024 adjusted earnings of $1.00 per share surpassed the Zacks Consensus Estimate of 99 cents. The bottom line increased 6% on a year-over-year basis.
Net sales of $978.8 million missed the consensus estimate of $995 million. However, the top line inched up 1% year over year, driven by strong demand for commercial water heaters in North America.
W.W. Grainger, Inc. (GWW - Free Report) has reported earnings per share of $9.62 in the second quarter, beating the Zacks Consensus Estimate of $9.58. The bottom line improved 0.1% year over year.
Grainger’s quarterly revenues rose 3.5% year over year to $4.24 billion. The top line missed the consensus estimate of $4.27 billion.
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Energous (WATT) Q1 Earnings Beat Estimates, Revenues Fall Y/Y
Energous Corporation (WATT - Free Report) incurred a loss of 83 cents per share in first-quarter 2024, narrower than the Zacks Consensus Estimate of a loss of 94 cents per share. The company had reported a loss of $1.60 per share in the year-ago quarter.
Energous reported net revenues of $64 million. The top line declined 34% year over year due to a decrease in transmitter sales volume.
Segmental Discussion
WATT reports its revenues under a single segment named wireless charging system solutions. Revenues from wireless charging system consist of revenues from product development projects and production-level systems.
Margin Profile
WATT’s cost of sales decreased 21.6% year over year to $109 million. The gross loss increased 7.1% to $45 million.
General and administrative expenses decreased 6.4% year over year to $1.9 billion. Research and development expenses declined 23.7% to $2.3 billion.
Balance Sheet and Cash Flow
While exiting the first quarter, the company had cash and cash equivalents of $10.7 billion compared with $13.9 billion reported at the end of fourth-quarter 2023. Accounts payable were $1.5 billion, higher than $1.9 billion reported at the end of the year-ago quarter.
In the first three months of 2024, net cash used in operating activities was $5.1 billion compared with $5.4 billion cash used in the year-ago period. Capital invested in purchases of property and equipment totaled $1 million. Free cash outflow was $5.2 billion compared with $13.9 billion free cash outflow a year ago.
Energous Corporation Price, Consensus and EPS Surprise
Energous Corporation price-consensus-eps-surprise-chart | Energous Corporation Quote
Zacks Rank
The company currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Industrial Companies
IDEX Corporation’s (IEX - Free Report) second-quarter adjusted earnings of $1.88 per share surpassed the Zacks Consensus Estimate of $1.75. On a year-over-year basis, the bottom line decreased approximately 10.1%.
IDEX’s net sales of $800.5 million underperformed the consensus estimate of $805 million. The top line also decreased 5.3% year over year.
A. O. Smith Corporation’s (AOS - Free Report) second-quarter 2024 adjusted earnings of $1.00 per share surpassed the Zacks Consensus Estimate of 99 cents. The bottom line increased 6% on a year-over-year basis.
Net sales of $978.8 million missed the consensus estimate of $995 million. However, the top line inched up 1% year over year, driven by strong demand for commercial water heaters in North America.
W.W. Grainger, Inc. (GWW - Free Report) has reported earnings per share of $9.62 in the second quarter, beating the Zacks Consensus Estimate of $9.58. The bottom line improved 0.1% year over year.
Grainger’s quarterly revenues rose 3.5% year over year to $4.24 billion. The top line missed the consensus estimate of $4.27 billion.