Luminar (LAZR) to Report Q2 Earnings: What's in the Cards?
Luminar Technologies, Inc. LAZR is scheduled to release second-quarter 2023 results on Aug 8 after the closing bell. The Zacks Consensus Estimate for the bottom line is pegged at a loss of 23 cents per share, suggesting a year-over-year deterioration of 27.8%. The consensus mark has widened by a cent in the past 90 days.
In the last reported quarter, this lidar manufacturer incurred a net loss per share of 24 cents, in line with the consensus mark. In the trailing four quarters, Luminar surpassed the Zacks Consensus Estimate once, met once and missed twice, reporting a negative earnings surprise of 2.44% on average.
Luminar Technologies, Inc. Price and EPS Surprise
Luminar Technologies, Inc. price-eps-surprise | Luminar Technologies, Inc. Quote
Things to Note
Luminar achieved its goal of bringing the high-volume automated manufacturing facility in Monterrey, MX, online and did so ahead of guidance. The company remains on track to meet or beat its 2023 goals for Iris+, software and next-gen products. It has started shipping Iris+ B-samples to its lead series production OEM.
Pre-orders for the Luminar-equipped Volvo EX90 have now surpassed Volvo Cars. The company is on track to add $1 billion to its forward-looking order book in 2023. During the last reported quarter, the company’s revenue was $14.5 million, up 112% year-over-year and 30% quarter-over-quarter.
An upward trend in revenues, along with a strong order book, are likely to have aided Luminar’s results in the to-be-reported quarter. The Zacks Consensus Estimate for second-quarter revenues is pegged at $15.93 million, calling for a year-over-year growth of 60.45%.
However, in the last reported quarter, the company’s cost of sales rose to $29.13 million, up from $16.65 million recorded in the corresponding quarter of 2022. Also, the company’s total operating expenses climbed to $127.27 million, up from $72.53 million reported in the year-ago quarter.
Overall, while the company’s revenues are expected to grow, escalating R&D, sales and marketing and G&A expenses are likely to have hurt margins in the quarter under review.
What the Zacks Model Says
Our proven Zacks model does not conclusively predict an earnings beat for Luminar this time around. 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.
Earnings ESP: Luminar has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate is pegged at par with 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: LAZR currently carries a Zacks Rank #3.
Stocks With the Favorable Combination
Rivian RIVN is scheduled to report second-quarter earnings on Aug 8. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pegged at a loss of $1.41 per share. The company has an Earnings ESP of +0.75% and a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
RIVN surpassed earnings estimates in three of the trailing four quarters and missed once, the average surprise being 6.08%.
Honda HMC is scheduled to report fiscal 2024 first-quarter earnings on Aug 9. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pegged at 99 cents. The company has an Earnings ESP of +9.65% and a Zacks Rank #2.
HMC surpassed earnings estimates in one of the trailing four quarters and missed thrice, the average negative surprise being 9.08%.
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