Earnings Previews: Enphase Energy, General Motors, QuantumScape, Texas Instruments

Analysts are expecting a loss per share of $0.15 with no revenue. For the full 2022 fiscal year, analysts are expecting a loss per share of $0.68 with no revenue. The less-bad news is that QuantumScape’s balance sheet at the end of the prior quarter showed almost $1.5 billion in cash and short-term investments and negative free cash flow of $255 million for the prior 12 months.

QuantumScape’s stock trades at 439.6 times its estimated enterprise value to sales in 2024. Six analysts expect sales to reach $12.2 million that year.

Texas Instruments

Chipmaker Texas Instruments Inc. (NASDAQ: TXN) has lost about 6% from its share price over the past 12 months. In 2021, the stock rose by nearly 15%. It is the country’s sixth-largest semiconductor manufacturer by market cap ($160.2 billion) and probably the world’s largest supplier of analog and embedded microprocessors. While these chips are not the most advanced, they are ubiquitous and cheap to make. Revenues grew by nearly 27% year over year in 2021, and gross profit margins were about 67.5%, while EPS growth for the year was 38.4%.

Analysts are mixed on the company’s prospects. Of 31 brokerages covering the company, 16 have put a Hold rating and 11 have Buy or Strong Buy ratings. There are also four Sell or Strong Sell ratings mixed in. At a share price of around $173.30, the upside potential at a median price target of $199.00 is 14.8%. At the high price target of $240, the upside potential is 38.5%.

For the company’s first quarter, analysts expect to see revenue of $4.73 billion, down about 2.1% sequentially and up 10.3% year over year. Adjusted EPS are forecast to total $2.19, down 6.0% sequentially and up about 14.1% year over year. For full fiscal 2022, EPS is forecast to rise 8.9% to $9.24, and revenue is expected to increase by 8.6% to $19.92 billion.

The stock trades at around 18.8 times expected 2022 EPS, 18.3 times estimated 2023 earnings of $9.48 and 17.7 times estimated 2024 earnings of $9.78 per share. The stock’s 52-week range is $161.04 to $202.26. The company pays an annual dividend of $4.210 (yield of 2.65%). Total shareholder return for the past year was negative 4.8%.

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