Mornings Earnings Wrap Up for Monday, March 13, 2023
Top Earnings News
ZIM Integrated Shipping Services Beat Expectations
ZIM Integrated Shipping Services (ZIM) reported earnings of $3.44 per share on revenue of $2.19 billion for the fourth quarter ended December 2022. The consensus earnings estimate was $2.26 per share on revenue of $2.11 billion. The Earnings Whisper number was $2.61 per share. The company beat expectations by 31.80% while revenue fell 36.85% compared to the same quarter a year ago.
Eli Glickman, ZIM President & CEO, stated, "While macroeconomic uncertainties, the precipitous decline in freight rates over the past few months and the supply-demand imbalance continue to drive a challenging near-term outlook for container shipping, we are confident in ZIM's strategy and believe we will generate positive EBIT in 2023."
ZIM (NYSE: ZIM) is a global, asset-light container liner shipping company with a leadership position in the markets in which it operates. Founded in Israel in 1945, ZIM is one of the oldest shipping liners, with over 75 years of experience, providing customers with innovative seaborne transportation and logistics services, with a reputation for industry-leading transit times, schedule reliability and service excellence.
Lightning eMotors, Inc. Missed Expectations
Lightning eMotors, Inc. (ZEV) reported a loss of $0.32 per share on revenue of $4.33 million for the fourth quarter ended December 2022. The consensus estimate was a loss of $0.27 per share on revenue of $10.21 million. The Earnings Whisper number was a loss of $0.28 per share. The company missed expectations by 14.29% while revenue grew 2.68% on a year-over-year basis.
The company said it expects 2023 revenue of $35.0 million to $50.0 million. The current consensus revenue estimate is $124.03 million for the year ending December 31, 2023.
Tim Reeser, CEO, said “The dynamics of the commercial EV landscape have changed over the course of the last six months. Specifically, government policy and incentives are driving demand toward our Class 4 (14,000 lbs. Gross Vehicle Weight Rated) school bus, shuttle bus, and box truck vehicles. ...We believe we have a clear competitive advantage in these markets due to the maturity of our products, relationships with customers, dealers, and specialty vehicle partners, and our energy, service and support infrastructure. "
Lightning eMotors has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 cargo and passenger vans, Class 4 and 5 cargo vans and shuttle buses, Class 6 work trucks, school buses, Class 7 city buses, and Class A motor coaches.
Top Earnings Surprise
Eagle Pharmaceuticals Beat Consensus Estimates
Eagle Pharmaceuticals (EGRX) reported earnings of $0.62 per share on revenue of $60.70 million for the fourth quarter ended December 2022. The consensus estimate was a loss of $0.54 per share on revenue of $64.26 million. The company beat consensus estimates by 214.81% while revenue grew 43.43% on a year-over-year basis.
The company said it expects 2023 non-GAAP earnings of $4.20 to $4.53 per share. The current consensus earnings estimate is $4.49 per share for the year ending December 31, 2023.
"During the final three months of 2022, we recorded $12 million of Pemfexy net sales and exited the quarter with a 6% U.S. market share in community oncology. We anticipate doubling this share to approximately 12% leaving the first quarter of 2023, and have already captured a 10% share through February," stated Scott Tarriff, President and Chief Executive Officer of Eagle Pharmaceuticals.
Eagle Pharmaceuticals Inc is a specialty pharmaceutical company. It develops and commercializes injectable products primarily in the critical care and oncology areas.
Top Negative Surprise
Inspired Entertainment Missed Consensus Estimates
Inspired Entertainment (INSE) reported earnings of $0.11 per share on revenue of $78.60 million for the fourth quarter ended December 2022. The consensus earnings estimate was $0.29 per share on revenue of $68.44 million. The company missed consensus estimates by 62.07% while revenue grew 17.31% on a year-over-year basis.
Inspired Entertainment, Inc. is a games technology company. It engaged in supplying Virtual Sports, Mobile Gaming and Server-Based Gaming systems to regulated lottery, betting and gaming operators. Inspired Entertainment Inc., formerly known as Hydra Industries Acquisition Corp, is based in New York.
Top Revenue Growth
UUranium Energy Reported Earnings
UUranium Energy (UEC) reported earnings of $0.03 per share on revenue of $47.93 million for the fiscal second quarter ended January 2023. The consensus estimate was for breakeven results on revenue of $25.20 million. Revenue grew 263.36% on a year-over-year basis.
Uranium Energy Corp is engaged in uranium mining and related activities including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States and Parguay.
Top Positive Guidance
Myomo Beat Consensus Estimates
Myomo (MYO) reported a loss of $0.29 per share on revenue of $4.04 million for the fourth quarter ended December 2022. The consensus estimate was a loss of $0.44 per share on revenue of $4.06 million. The company beat consensus estimates by 34.09% while revenue grew 0.25% on a year-over-year basis.
The company said it expects first quarter revenue of $4.45 million to $4.64 million. The current consensus revenue estimate is $4.01 million for the quarter ending March 31, 2023.
Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function for those suffering from neurological disorders and upper limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. It is currently the only marketed device that, sensing a patient’s own EMG signals through non-invasive sensors on the arm, can restore an individual’s ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. Many are able to return to work, live independently and reduce their cost of care. Myomo is headquartered in Cambridge, Massachusetts, with sales and clinical professionals across the U.S and representatives internationally.