Mobileye Global Inc. MBLY reported third-quarter 2024 adjusted earnings per share of 10 cents, which beat the Zacks Consensus Estimate of 9 cents. However, earnings were lower than 22 cents per share recorded in the year-ago quarter.
Total revenues amounted to $486 million, beating the Zacks Consensus Estimate of $482 million. However, the metric was down 8% year over year. This was primarily due to a 9% reduction in EyeQ volumes. The decrease stemmed from lower volumes shipped to China OEMs and a decline in overall global vehicle production.
Stay up-to-date with the quarterly releases: See Zacks Earnings Calendar.
In the third quarter, Mobileye’s gross margin decreased 3 percentage points year over year. The decline was mainly due to costs related to amortization of intangible assets, a lower revenue base and higher EyeQ-related costs per unit. Also, the adjusted gross margin declined 1 percentage point year over year due to higher EyeQ-related costs per unit.
Adjusted operating margin declined to 18 percentage points year over year. The decrease was attributed to higher operating expenses on a lower revenue base.
MBLY had cash and cash equivalents of $1.29 billion as of Sept. 28, 2024, compared to $1.21 million as of Dec. 30, 2023. Operating cash flow for the nine months (ended Sept. 28, 2024) was $196 million. Capex was $68 million during the same time frame.
Mobileye has updated its sales and profit guidance for the full-year 2024. Mobileye now estimates revenues in the range of $1.62-$1.66 billion compared to $1.60-$1.68 billion guided earlier. It expects operating loss in the band of $3,237-$3,264 million, wider than the prior guided range of $531-$580 million. Adjusted operating income is estimated in the band of $163-$190 million, down from $152-$201 million guided earlier.
Zacks Rank & Key Picks
MBLY currently carries a Zacks Rank #3 (Hold).
Some other top-ranked stocks in the auto space are Toyota Motor Corporation TM, China Yuchai International Limited CYD and BYD Company Limited BYDDY, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for TM’s 2024 sales suggests year-over-year growth of 3.67%. Earnings per share (EPS) estimates for 2024 have improved 56 cents in the past 60 days. EPS estimates for 2025 have improved 6 cents in the past seven days.
The Zacks Consensus Estimate for CYD’s 2024 sales and earnings suggests year-over-year growth of 19.37% and 43.43%, respectively. EPS estimates for 2024 have improved by 35 cents in the past 60 days.
The Zacks Consensus Estimate for BYDDY’s 2024 sales and earnings suggests year-over-year growth of 20.91% and 23.63%, respectively. EPS estimates for 2024 and 2025 have improved by 12 cents and 13 cents, respectively, in the past seven days.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners UpToyota Motor Corporation (TM) : Free Stock Analysis Report
Mobileye Global Inc. (MBLY) : Free Stock Analysis Report
China Yuchai International Limited (CYD) : Free Stock Analysis Report
Byd Co., Ltd. (BYDDY) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
