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NIO Stock Falls on Soft Outlook, Q1 Results Seen as 'Neutral-to-Slightly Positive'

Stock Markets Jun 09, 2022 09:32
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By Senad Karaahmetovic

Shares of NIO (NYSE:NIO) are down more than 7% in premarket trading after the Chinese carmaker reported Q1 results and offered guidance.

The electric vehicle (EV) company reported a net loss per share of $0.18 in the quarter, down from a loss per share of $0.47 in the year-ago period. NIO reported quarterly revenue of $1.56 billion in the quarter, down from $1.19 billion in the year-ago period.

The results compare to the consensus estimates of a $0.13 loss per share on revenue of $1.49 billion in the first quarter. The company delivered 25,768 in the first quarter, up 28.5% YoY.

For Q2, NIO expects revenue in the range of $1.47 billion to $1.6 billion, compared to the consensus projection of $1.86 billion.

Citi analyst Jeff Chung remains positive on Nio stock as he says “the 1Q result alone is neutral to slightly positive.”

“Overall 1Q GPM was below consensus due to sales mix changes and asymmetric battery cost & car-price hikes; However at the bottom line level the net loss was narrowed QoQ due to effective cost saving on SG&A. Nio gave very strong June sales guidance ceiling at 13k units, or 84% MoM, which may potentially implies 3Q volume may exceed 40k level (in our view), with ample re-rating upside risk ahead on margins and asset-turns,” Chung told clients after the results.

Morgan Stanley analyst Tim Hsiao noted "strong Q2 volume guidance."

NIO Stock Falls on Soft Outlook, Q1 Results Seen as 'Neutral-to-Slightly Positive'
 

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