Luxury electric car manufacturer Lucid (NASDAQ:LCID) will be announcing earnings results tomorrow after market hours. Here’s what investors should know.
Lucid beat analysts’ revenue expectations by 4.1% last quarter, reporting revenues of $200.6 million, up 32.9% year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ volume estimates but a miss of analysts’ operating margin estimates.
Is Lucid a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Lucid’s revenue to grow 43.8% year on year to $198.1 million, a reversal from the 29.5% decrease it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.31 per share.
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. Lucid has missed Wall Street’s revenue estimates six times over the last two years.
Looking at Lucid’s peers in the automobile manufacturers segment, some have already reported their Q3 results, giving us a hint as to what we can expect. General Motors delivered year-on-year revenue growth of 10.5%, beating analysts’ expectations by 9.9%, and Tesla reported revenues up 7.8%, falling short of estimates by 1%. General Motors traded up 8.2% following the results while Tesla was also up 22%.
Read our full analysis of General Motors’s results here and Tesla’s results here.
There has been positive sentiment among investors in the automobile manufacturers segment, with share prices up 2.7% on average over the last month. Lucid is down 33.9% during the same time and is heading into earnings with an average analyst price target of $3.18 (compared to the current share price of $2.28).
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