Yahoo Finance NIO Q4 Loss Widens Y/Y, Sales Up, Vehicle Margins Plummet
NIO Inc. NIO incurred a loss per American Depositary Share (ADS) of 51 cents in the fourth quarter of 2022, wider than the year-ago loss of 21 cents amid lower vehicle margins and higher operating expenses, despite improved deliveries. This China-based electric vehicle (EV) maker posted revenues of $2,329 million, up 62.2% year over year on the back of robust deliveries.
NIO Inc. Price, Consensus and EPS Surprise
NIO Inc. price-consensus-eps-surprise-chart | NIO Inc. Quote
Key Details
NIO delivered 40,052 vehicles in the fourth quarter, up 60% year over year, including 20,824 SUVs and 19,228 sedans.
The revenues generated from vehicle sales amounted to $2,139.9 million, rising 60.2% year over year. The increase in vehicle sales was mainly led by higher deliveries. Other sales amounted to $189.1 million, up 90.3%. The increase was due to an increase in revenues from the rendering of research and development services.
Gross profit came at $90.1 million, decreasing 63.4% year over year. The vehicle margin in the reported quarter declined to 6.8% from 20.9%. Increased battery cost per unit and higher inventory provisions affected vehicle margins. The gross margin was 3.9%, down from 17.2% in fourth-quarter 2021.
Research & development and selling, general & administrative costs were $577.1 million and $511.4 million, respectively, reflecting a year-over-year surge of 117.7% and 49.6%.
Cash and cash equivalents totaled $2,883.4 million as of Dec 31, 2022. The long-term debt was $1,578.3 million as of the same date.
For the first quarter of 2023, NIO expects deliveries in the band of 31,000-33,000 vehicles, signaling a year-over-year uptick of 20.3-28.1%. Revenues are envisioned between $1,584 million and $1,674 million, indicating a year-over-year increase of 10.2-16.5%.
Zacks Rank & Key Picks
NIO currently carries a Zacks Rank #4 (Sell).
A few better-ranked players in the auto space include BMW AG BAMXF, Wabash National WNC and Modine Manufacturing MOD, all sporting a Zacks Rank #1 (Strong Buy).
BMW AG is a multi-brand automobile manufacturer that focuses on the premium segments of the worldwide automobile and motorcycle markets and has three brands: BMW, MINI and Rolls-Royce. The Zacks Consensus Estimate for BAMXF’s 2023 sales implies year-over-year growth of 1.88%.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings implies year-over-year growth of 13.06% and 24%, respectively.
Modine operates primarily in a single industry consisting of the manufacture and sale of heat transfer equipment. The Zacks Consensus Estimate for MOD’s 2023 sales and earnings implies year-over-year growth of 11.43% and 43.09%, respectively.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Wabash National Corporation (WNC) : Free Stock Analysis Report
Modine Manufacturing Company (MOD) : Free Stock Analysis Report
Bayerische Motoren Werke AG (BAMXF) : Free Stock Analysis Report
NIO Inc. (NIO) : Free Stock Analysis Report
