Mobileye (MBLY) to Report Q3 Earnings: What's in the Offing?
Mobileye Global Inc. MBLY is slated to release third-quarter 2023 results on Oct 26, before market open. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share and revenues is pegged at 17 cents and $530.77 million, respectively.
For the current quarter, the consensus estimate for Mobileye’s earnings per share has remained unchanged in the past 90 days. Its bottom-line estimates imply growth of 13.3% from the year-ago reported number.
The Zacks Consensus Estimate for MBLY's quarterly revenues suggests a year-over-year increase of 18%. Over the trailing four quarters, the company surpassed earnings estimates on all occasions, the average surprise being 25.96%. This is depicted in the graph below:
Mobileye Global Inc. Price and EPS Surprise
Mobileye Global Inc. price-eps-surprise | Mobileye Global Inc. Quote
Q2 Highlights
Mobileye topped the Zacks Consensus Estimate in its second-quarter 2023 earnings and revenues.
Its adjusted earnings per share of 17 cents surpassed the consensus metric of 13 cents but declined 20% year over year.
Consolidated revenues came in at $454 million, down 1% from the corresponding quarter of 2022, but surpassed the Zacks Consensus Estimate of $453 million.
Factors at Play
Mobileye is a leading player in Advanced Driver Assistance Systems (“ADAS”) and autonomous vehicle technologies. So far, it has provided technology to more than 150 million vehicles around the globe. It has previously partnered with automakers like Tesla and BMW. Porsche was the latest original equipment manufacturer (OEM) to collaborate with Mobileye to integrate its SuperVision technology platform. The ADAS market size is estimated at $49.65 billion in 2023, up from $43.62 billion in 2022. The rising market for ADAS is likely to have bolstered MBLY’s third-quarter 2023 results.
Mobileye's prospects extend beyond ADAS, as the company anticipates $3.5 billion in revenues from Autonomous Mobility-as-a-Service products by 2028. Additionally, it has a revenue potential of $1.5 billion from its consumer autonomous vehicle (AV) program, Mobileye Chauffeur, till 2030. Encouragingly, the company expects full-year 2023 revenues in the band of $2,065-$2,114 million, implying an increase from $1,869 million in 2022. This upbeat full-year sales outlook sparks optimism for the quarter to be reported.
Earnings Whispers
Our proven model predicts an earnings beat for Mobileye in the quarter to be reported, as it has the right combination of the two key ingredients. 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 the case here, as elaborated below.
Earnings ESP: Mobileye has an Earnings ESP of +5.88%. This is because the Most Accurate Estimate is pegged a cent higher 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: MBLY currently sports a Zacks Rank #1.
Other Stocks With the Favorable Combination
Here are a few other players from the auto space that, according to our model, have the right combination of elements to post an earnings beat this time around.
Ford Motor Company F will release third-quarter 2023 results on Oct 26. The company has an Earnings ESP of +14.57% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Ford’s to-be-reported quarter’s earnings and revenues is pegged at 40 cents per share and $38.21 billion, respectively. F surpassed earnings estimates twice in the trailing four quarters and missed twice, the average surprise being 20.11%.
Oshkosh Corporation OSK will release third-quarter 2023 results on Oct 26. The company has an Earnings ESP of +8.24% and a Zacks Rank #3.
The Zacks Consensus Estimate for Oshkosh’s to-be-reported quarter’s earnings and revenues is pinned at $2.18 per share and $2.46 billion, respectively. OSK surpassed earnings estimates twice in the trailing four quarters and missed twice, the average surprise being 27.45%.
Cummins CMI will release third-quarter 2023 results on Nov 2. The company has an Earnings ESP of +0.48% and a Zacks Rank #3.
The Zacks Consensus Estimate for Cummin’s to-be-reported quarter’s earnings and revenues is pegged at $4.70 per share and $8.19 billion, respectively. CMI surpassed earnings estimates once in the trailing four quarters and missed thrice, the average negative surprise being 5.51%.
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Mobileye Global Inc. (MBLY) : Free Stock Analysis Report
