EV charging solutions provider ChargePoint Holdings (NYSE: CHPT) will be reporting earnings tomorrow after the bell. Here’s what to look for.
ChargePoint beat analysts’ revenue expectations last quarter, reporting revenues of $105.7 million, up 6.1% year on year. It was an exceptional quarter for the company, with a solid beat of analysts’ EBITDA estimates and an impressive beat of analysts’ adjusted operating income estimates.
Is ChargePoint a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting ChargePoint’s revenue to grow 2.7% year on year, a reversal from the 12% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. ChargePoint has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at ChargePoint’s peers in the renewable energy segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Sunrun delivered year-on-year revenue growth of 124%, beating analysts’ expectations by 92.3%, and Bloom Energy reported revenues up 35.9%, topping estimates by 18.7%. Sunrun traded down 34.6% following the results while Bloom Energy was up 4.7%.
Read our full analysis of Sunrun’s results here and Bloom Energy’s results here.
There has been positive sentiment among investors in the renewable energy segment, with share prices up 3.6% on average over the last month. ChargePoint is up 11.4% during the same time and is heading into earnings with an average analyst price target of $10.19 (compared to the current share price of $6.33).
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