Volkswagen VWAGY is scheduled to release first-quarter 2023 results on May 4, before market open. The Zacks Consensus Estimate for the bottom line is pegged at earnings of 81 cents per share for the quarter. This implies a year-over-year decline of 44.9%. The consensus mark for Volkswagen’s first-quarter earnings per share has been unchanged in the past seven days.
Things to Note
In the first quarter, Volkswagen delivered 67,853 vehicles in the United States, representing a year-over-year increment of 4%.
Amid the soaring popularity of green cars, the Germany-based auto giant sold 141,000 battery electric vehicles (BEVs) in the first quarter, up from 99,200 vehicles in the prior-year period. Deliveries for BEVs rose to 6.9%of total deliveries compared with 5.2% in the prior-year quarter.
Then again, Volkswagen has suffered from inflationary headwinds and the resulting restrictive monetary policy in the quarter under review. Discouragingly, the auto giant has been planning to make a massive investment of nearly EUR 122 million in its digitization and electrification strategy, starting in 2023 and continuing until 2027.
While the number of deliveries is likely to have boosted the company's performance in the first quarter, its massive spending plan is expected to have ailed the same.
What the Zacks Model Says
Our proven Zacks model does not conclusively predict an earnings beat for Volkswagen this time around. 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 not the case here, as elaborated below.
Earnings ESP: Volkswagen has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate is in line with 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: VWAGY currently sports a Zacks Rank #1.
Earnings Whispers for Other Auto Companies
Lucid Group LCID is scheduled to report first-quarter earnings on May 8. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is pegged at 38 cents per share. The company has an Earnings ESP of -12.00% and a Zacks Rank #4 (Sell).
LCID surpassed earnings estimates in two of the trailing four quarters and missed in the other two in fiscal 2022, the average surprise being 21.14%.
Nikola NKLA is scheduled to report first-quarter earnings on May 9. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is pinned at 28 cents per share. The company has an Earnings ESP of 0.00%.
NKLA carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
NKLA surpassed earnings estimates in all the trailing four quarters in fiscal 2022, the average surprise being 19.35%.
Rivian RIVN is scheduled to report first-quarter earnings on May 9. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pegged at $1.51. The company has an Earnings ESP of +0.84% and a Zacks Rank #3.
RIVN surpassed earnings estimates in three of the trailing four quarters and missed in one in fiscal 2022, the average surprise being 2.94%.
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