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Second quarter sales at EVgo were much better than Wall Street forecast.
Justin Sullivan/Getty Images
EV charging network and equipment provider
EVgo
looks to have turned a corner. It smashed Wall Street’s estimates and its stock is up.
Wednesday evening, EVgo (ticker: EVGO) reported a per-share loss of 8 cents from $50.6 million in sales. Wall Street was looking for a 26-cent loss from sales of $29.5 million.
EVgo reported an 18-cent loss from sales of $25.3 million in the first quarter. A year ago, EVgo reported a 6-cent gain, thanks to a change in the value of warrants, from $9.1 million in sales.
Sales in the most recent quarter were simply better than expected. Its consulting and construction business, EVgo extend, reported $33.2 million in sales, up from $10.3 million in the first quarter. The extend business designs and builds charging sites, and helps with ongoing operations, maintenance, networking, and software integration. The customers retain ownership of the charging assets.
Cash flow from operating activities almost broke even in the quarter. Electric vehicles at EVgo stalls recharged 24.9 gigawatt hours of electricity in the quarter, up from 17.9 gigawatt hours in the first quarter and 10.1 gigawatts in the year ago quarter.
It looks like a strong quarter, and investors are impressed. EVgo stock is up 12% in premarket trading Thursday at $4.75. Shares dropped 2.8% in regular trading Wednesday with the
S&P 500
and
Nasdaq Composite
down 1.4% and 2.2%, respectively.
The company ended the quarter with 3,200 stalls in operation or under construction and with 210 new stalls added in the quarter. The company also ended the quarter with about $257 million in cash on the books. EVgo has used about $120 million in cash in the first half of 2023.
Alon with earnings, the company announced that Badar Khan will succeed Cathy Zoi as CEO. Khan is a 25-year veteran of the energy business.
Write to Al Root at [email protected]
Source: https://www.barrons.com/articles/evgo-earnings-stock-price-eea067f?siteid=yhoof2&yptr=yahoo