The latest Market Talks covering the Auto and Transport sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
1357 ET – EVgo gives a wide range of revenue guidance today — $105M to $150M, versus $54.6M in 2022 — and several analysts on its earnings call ask why. Company executives say the major driver is uncertainty around when its charging stations will be installed at Pilot and Flying J travel centers as part of the partnership with them it announced last year. Other factors, says the company, include unpredictable EV sales as well as potential changes to California’s Low Carbon Fuel Standard program, which incentivizes EVs. Shares are up 23% to $7.09. (bob.henderson@wsj.com; @QuixoteBob)
1252 ET – Chorus Aviation has set up its business model to bake in resilience into the future, according to a report by CIBC’s
Kevin Chiang.
He says that it has visibility to C$2.6B in future contract revenue, notably with Air Canada and Jazz Aviation, and which has helped the company during the pandemic. Chorus Aviation’s leasing operations provide another contractual cash flow stream that bolsters its defences in harder times. Chiang notes that the company isn’t fully dependent on its main contracts, with multiple growth levels to pull. Shares are up 1.6% at C$3.11, but down28% in the past 12 months. (adriano.marchese@wsj.com)
1223 ET – Air taxi developers and prospective operators warn the US is trailing other countries in finalizing certification and operating rules. Joby Aviation CEO
JoeBen Bevirt
says at a Congressional hearing that interim rules are required in case the FAA’s planned operating framework isn’t completed on schedule by the end of 2024. Bristow CEO
Chris Bradshaw
says the use of existing infrastructure is another area of concern. “A lack of clear direction and guidance at the federal level, with respect to existing heliports and airports, has resulted in confusion and ambiguity at the state and local level,” he says. (doug.cameron@wsj.com)
0957 ET – While ATS Corp.’s EV vertical gets all the spotlight, Raymond James’ Michael Glen says the Canadian automation solutions company’s Life Science business is quietly building into something big. In a report, Glen says there are some indicators that show…
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