The electric-vehicle charging-equipment company
reported much better sales than even it expected for its first fiscal quarter of 2023, but supply-chain issues and inflation are weighing on the shares.
Tuesday evening, ChargePoint (ticker: CHPT) reported sales of $81.6 million. That was higher than the consensus call of $75.7 million among Wall Street analysts and exceeded the range of $72 million to $77 million that management had told investors to expect.
But gross profit came in at $12.1 million, while Wall Street expected $17.3 million. And ChargePoint generated $17.5 million in gross profit in its fiscal 2022 fourth quarter, which ended in January.
“Positive first quarter results, despite expected significant headwinds due to global supply constraints, are a testament to the strength of our business,” said CEO Pasquale Romano in the company’s news release. “Our investments in a comprehensive portfolio for all verticals we serve continue to set us apart when customers seek a charging solution.”
ChargePoint offers commercial, residential, and fleet charging solutions in North America and Europe.
Shares were down 2.4% at $12.48 in premarket trading Wednesday, while futures on the
Dow Jones Industrial Average
futures were up 0.1% and 0.3%, respectively. Higher costs than expected appear to be the issue.
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