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Blink Charging Co. BLNK, an owner, operator and provider of EV charging stations and services, has announced that it is set to execute an operational cost reduction plan to improve its short and long-term performance, given current economic conditions.
The plan involves reducing its global workforce by 14%, which is expected to generate annual savings of around $9 million. Implementation of these changes will begin immediately and is set to be completed by the first quarter of 2025. The initiative is intended to enhance operational efficiency by optimizing company functions.
In the second quarter, the company reported total revenues of $33.3 million, up from $32.8 million in the second quarter of 2023. Its gross profit fell to $10.7 million (32% of revenues) from $12.3 million (37% of revenues) in the second quarter of 2023 due to a change in sales mix toward products made by third parties. Operating expenses decreased to $31.4 million from $53.4 million in the second quarter of 2023 due to a decline in compensation and G&A expenses.
Blink continued to increase its market share and grow its charging network by contracting, selling, or deploying 4,106 charging stations in the second quarter. It distributed nearly 33 gigawatt hours of energy through BLNK's charging networks. For 2024, the company projects its total revenues in the range of $145-$155 million, suggesting a rise from $140.6 million reported in 2023. It projects the gross margin to be around 33%, suggesting an increase from 28.6% reported in 2023. It expects to achieve positive adjusted EBITDA by 2025.
Blink plans to bolster its financial stability, profitability and competitive edge. It aims to build a more efficient and resilient organization to support future growth and strategic advantage. These actions are intended to improve the company's financial outlook and increase shareholder value.
Zacks Rank & Key Picks
BLNK currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. DORM, Blue Bird Corporation BLBD and Douglas Dynamics, Inc. PLOW, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.
Zacks Investment Research
The Auto-Tires-Trucks group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Byd Co., Ltd. (BYDDY) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Auto-Tires-Trucks sector should help us answer this question.
Byd Co., Ltd. is a member of our Auto-Tires-Trucks group, which includes 107 different companies and currently sits at #12 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Byd Co., Ltd. is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for BYDDY's full-year earnings has moved 12.7% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that BYDDY has returned about 12.1% since the start of the calendar year. At the same time, Auto-Tires-Trucks stocks have lost an average of 10.7%. This shows that Byd Co., Ltd. is outperforming its peers so far this year.
Another Auto-Tires-Trucks stock, which has outperformed the sector so far this year, is Dorman Products (DORM). The stock has returned 39.8% year-to-date.
For Dorman Products, the consensus EPS estimate for the current year has increased 9.1% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Byd Co., Ltd. belongs to the Automotive - Foreign industry, a group that includes 24 individual stocks and currently sits at #150 in the Zacks Industry Rank. On average, stocks in this group have lost 15.6% this year, meaning that BYDDY is performing better in terms of year-to-date returns.
On the other hand, Dorman Products belongs to the Automotive - Replacement Parts industry. This 7-stock industry is currently ranked #8. The industry has moved -3.3% year to date.
Going forward, investors interested in Auto-Tires-Trucks stocks should continue to pay close attention to Byd Co., Ltd. and Dorman Products as they could maintain their solid performance.
Zacks Investment Research
Reporter Name | Darby Jeffery |
Relationship | SVP, Sales and Marketing |
Type | Sell |
Amount | $285,552 |
SEC Filing | Form 4 |
Jeffery Darby, SVP of Sales and Marketing at Dorman Products, sold 2,400 shares of Common Stock on September 17, 2024, at a price of $118.98 per share, totaling $285,552. Following the transaction, Darby directly owns 19,871 shares of the company.
SEC Filing: Dorman Products, Inc. [ DORM ] - Form 4 - Sep. 18, 2024
Sept 17 (Reuters) - Blink Charging Co BLNK.O:
BLINK CHARGING TO POSITION COMPANY FOR THE FUTURE BY IMPLEMENTING PLANNED OPERATIONAL COST REDUCTIONS
BLINK CHARGING CO - PLAN TO REDUCE GLOBAL PERSONNEL COUNT BY 14%
BLINK CHARGING CO - EXPECTED ANNUALIZED SAVINGS FROM COST REDUCTION PLAN OF ABOUT $9 MILLION
BLINK CHARGING CO - COST REDUCTION PLAN TO BE COMPLETED BY Q1 2025
Source text for Eikon: (Full Story)
Further company coverage: BLNK.O
Adds details from the release
Sept 17 (Reuters) - Electric vehicle charging equipment maker Blink Charging BLNK.O said on Tuesday it would lay off about 14% of its global workforce, as part of a cost reduction plan.
The job cuts would result in annualized savings of about $9 million and would be completed in the first quarter of 2025, the company said in a statement.
"The timing of these cost-cutting measures, as indicated in our last earnings announcement, is a proactive step to adapt to current market conditions while preserving our long-term strategy," CEO Brendan Jones said.
In Aug., the company had cut its annual revenue forecast and pushed back its timeline to achieve positive adjusted EBITDA to 2025 from Dec. 2024.
(Reporting by Juveria Tabassum; Editing by Mohammed Safi Shamsi)
(( Juveria.Tabassum@thomsonreuters.com ;))
Keywords: BLINK CHARGING-RESTRUCTURING/ (UPDATE 1)
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