Evgo Inc Down 7.89% To $5.93 After Earnings Beat

Evgo Inc (EVGO) reported better than expected earnings this morning for Q1 2023.

Wall Street earnings per share (EPS) projections for Evgo Inc were at a loss of $0.21 per share. The company beat those estimates with an EPS loss of $0.18 per share. The loss of $0.18 per share (which represents a -14% EPS surprise) led to the company's profits rising 14% compared to last year when the firm reported an EPS loss of $0.21 per share. The increase in Evgo Inc's annual growth rate represents how the business is performing well amid recent economic conditions.

Revenues were downbeat at $25.3 million. That is an increase of 228.57% in revenues from the year-ago report and is 5.98% lower than consensus estimates set at $26.9 million.

The stock is down 7.89% to $5.93 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Evgo Inc a Bullish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 53. Meanwhile, the average Wall Street analyst rated the stock a Buy.

EVgo owns and operates a public direct current fast charging network in the U.S. EVgo's network of charging stations provides electric vehicle charging infrastructure to consumers and businesses. Its network is capable of charging all EV models and charging standards currently available in the U.S. EVgo partners with national and regional chains of grocery stores, automotive original equipment manufacturers (OEMs), hotels, shopping centers, gas stations, parking lot operators, local governments and independent property owners in order to locate and deploy its EV charging infrastructure.