Mobileye (MBLY) to Report Q2 Earnings: What’s in the Cards?

Mobileye Global Inc. MBLY is slated to release second-quarter 2023 results on Jul 27, before market open. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share and revenues is pegged at 12 cents and $448.32 million, respectively.

For the current quarter, the consensus estimate for Mobileye’s earnings per share has moved down by three cents in the past 90 days.

Q1 Highlights

Mobileye topped the Zacks Consensus Estimate of earnings in its first-quarter 2023, whereas, its revenues came in line with the Zacks Consensus Estimate.

Its adjusted earnings per share of 14 cents surpassed the consensus metric of 13 cents but declined 10% year over year.

Consolidated revenues came in at $458 million, up 16% from the corresponding quarter of 2022.

Factors at Play

Mobileye enjoys a leadership position in the ADAS market with an impressive sales growth trajectory. Both the EyeQ and SuperVision business lines are experiencing strong growth, surpassing overall global auto production growth. Encouragingly, the company expects full-year 2023 revenues in the band of $2,065-$2,114 million, implying an increase from $1,869 million in 2022. This upbeat full-year sales outlook sparks optimism for the quarter to be reported.

Mobileye expects SuperVision-based vehicle volume to reach around 1.2 million units by 2026. A significant boost was observed in May 2023, when Porsche signed up to install SuperVision in its latest vehicles, marking Mobileye’s first production volumes tied to an OEM other than Geely. This progress is likely to have uplifted second-quarter 2023 results.

Earnings Whispers

Our proven model predicts an earnings beat for Mobileye in the quarter to be reported, as it has the right combination of the two key ingredients. 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 the case here, as elaborated below.

Earnings ESP: Mobileye has an Earnings ESP of +5.41%. This is because the Most Accurate Estimate is pegged a cent higher than 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: MBLY currently carries a Zacks Rank #3.

Other Stocks With the Favorable Combination

Let’s take a look at some other players from the auto space that, according to our model, also have the right combination of elements to post an earnings beat for the quarter to be reported:

Oshkosh Corporation OSK will release second-quarter 2023 results on Aug 1. The company has an Earnings ESP of +10.58% and sports a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Oshkosh’s to-be-reported quarter’s earnings and revenues is pegged at $1.62 per share and $2.24 billion, respectively. OSK surpassed earnings estimates once in the trailing four quarters and missed three times, the average negative surprise being 4.37%.

Lear Corporation LEA will release second-quarter 2023 results on Aug 1. The company currently has an Earnings ESP of +3.16% and a Zacks Rank #2.

The Zacks Consensus Estimate for Lear’s to-be-reported quarter’s earnings and revenues is pegged at $3.05 per share and $5.72 billion, respectively. LEA surpassed earnings estimates in all the trailing four quarters, the average surprise being 15.53%.

Magna International MGA will release second-quarter 2023 results on Aug 4. The company presently has an Earnings ESP of +1.06% and carries a Zacks Rank #2.

The Zacks Consensus Estimate for Magna’s to-be-reported quarter’s earnings and revenues is pegged at $1.25 per share and $10.17 billion, respectively. MGA surpassed earnings estimates in one of the trailing four quarters and missed thrice, the average negative surprise being 6.46%.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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