Shares of electric-vehicle charging-equipment maker ChargePoint drop after disappointing earnings
Disappointing Quarterly Earnings
- ChargePoint reported a per-share loss of 24 cents from $150.5 million in sales
- A year ago, ChargePoint reported a loss of 19 cents a share on sales of $108.3 million
Guidance Below Wall Street Expectations
- ChargePoint expects third-quarter sales to be between $150 million and $165 million (Wall Street projects $178 million)
- For the full year, the company expects sales to be between $605 million and $630 million (Wall Street projects $667 million)
Analysts’ Opinions
- “While we expected near-term headwinds…ChargePoint’s [guides] were below our revised expectations,” wrote J.P. Morgan analyst Bill Peterson
- Stephen Gengaro, analyst at Stifel, rates the shares a Buy and maintained his price target at $17
Positive Outlook
- Management plans to generate positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by Q4 2024
- As of July 31, the company has $263.9 million in cash on the books
Stock Performance
ChargePoint stock has fallen about 26% since January 1 and 56% over the past 12 months
Source: Barron’s
For inquiries, contact Al Root at [email protected]
