Yahoo Finance Lyft (LYFT) Q1 Earnings & Revenues Top Estimates, Rise Y/Y
Lyft, Inc. (LYFT) reported first-quarter 2023 earnings of 8 cents per share against the Zacks Consensus Estimate of a loss of 9 cents. In the year-ago period, Lyft reported earnings of 7 cents per share.
Total revenues of $1,000.5 million beat the Zacks Consensus Estimate of $976.9 million and jumped 9.8% year over year. The uptick was due to an increase in active riders, which totaled 19.55 million in the reported quarter.
Lyft's revenue per active rider increased 4% year over year in the first quarter to $51.17.
Lyft’s adjusted EBITDA in the first quarter was $22.7 million compared with the year-ago figure of $54.8 million. Adjusted EBITDA margin for the first quarter was 2.3% compared with 6.3% in the year-ago period.
Lyft, Inc. Price, Consensus and EPS Surprise
Lyft, Inc. price-consensus-eps-surprise-chart | Lyft, Inc. Quote
Total costs and expenses climbed 13.2% year over year to $1.22 billion in first-quarter 2023. Contributions fell 7.4% year over year to $465.1 million. The contribution margin decreased to 46.5% from 57.4% in the year-ago period.
Lyft exited the first quarter with unrestricted cash, cash equivalents and short-term investments of $1.8 billion, flat sequentially.
Q2 Outlook
For the second quarter of 2023, management expects revenues between $1 billion and $1.02 billion. Adjusted EBITDA is expected between $20 million and $30 million, with an adjusted EBITDA margin of 2% to 3%.
Currently, Lyft carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Transportation Companies
J.B. Hunt Transport Services, Inc.’s (JBHT) first-quarter 2023 earnings of $1.89 per share missed the Zacks Consensus Estimate of $2.04 and declined 17.5% year over year.
JBHT’s total operating revenues of $3,229.58 million also lagged the Zacks Consensus Estimate of $3,434.4 million and fell 7.4% year over year. The downfall was due to declines in the volume of 25% in Integrated Capacity Solutions (ICS), 5% in Intermodal (JBI) and 17% in Final Mile Services (FMS), and a 17% decline in revenue per load in Truckload (JBT). Revenue declines in ICS, JBI, FMS and JBT were partially offset by Dedicated Contract Services revenue growth of 13%.
JBHT’s total operating revenues, excluding fuel surcharges, decreased 10.2% year over year.
Delta Air Lines’ (DAL) first-quarter 2023 earnings (excluding 82 cents from non-recurring items) of 25 cents per share missed the Zacks Consensus Estimate of 29 cents. Volatile fuel prices and unfavorable weather conditions led to this downtick. DAL reported a loss of $1.23 per share a year ago, dull in comparison to the current scenario, as air-travel demand was not so buoyant then.
DAL reported revenues of $12,759 million, which missed the Zacks Consensus Estimate of $12,767.4 million. Driven by higher air-travel demand, total revenues increased 36.49% on a year-over-year basis.
Alaska Air Group, Inc. (ALK) reported first-quarter 2023loss of 62 cents per share, wider than the Zacks Consensus Estimate of a loss of 48 cents. In the year-ago quarter, ALK incurred a loss of $1.33 per share.
ALK’s operating revenues of $ 2,196 million missed the Zacks Consensus Estimate of $2,202.5 million. The top line jumped 31% year over year, with passenger revenues accounting for 90.3% of the top line and increasing 31% owing to continued recovery in air-travel demand.
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