We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
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.
Energous (WATT) Q1 Earnings Beat Estimates, Revenues Fall Y/Y
Read MoreHide Full Article
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.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
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.