Blink Charging Gets Contract to Supply EV Chargers to Power Design

Blink Charging Co. BLNK, an owner, operator and provider of EV charging stations and services, has been chosen by Power Design, Inc., one of the largest design-build multi-trade contractors in the United States, to supply EV chargers and related services at select locations.Under the agreement, Blink Charging will provide 429 chargers with a total of 723 plugs for residents living and working on Power Design's projects nationwide. The chargers will primarily be installed in luxury multifamily apartments and condominiums. While Power Design will initially own the chargers, ownership will transfer to the projects' property owners or managers upon installation.Blink Charging and Power Design have partnered on EV charging initiatives for over a decade and this new agreement marks the latest achievement in their ongoing collaboration. Over the last five years, Power Design has become a prominent installer of EV charging stations in the United States.In the fiscal third quarter of 2024, Blink Charging reported total revenues of $25.2 million, which fell 41.9% year over year. Its service revenues rose 30% year over year to $8.8 million due to global network expansion and increasing demand for charging and networked services while its product revenues declined 61.6% year over year to $13.4 million.Per Kelley Blue Book, EV sales in the United States hit record highs in the third quarter of 2024. The sales grew 11% year over year to 346,000 units and rose 5% from the second quarter of 2024. Globally, EVs made up 8.9% of new car sales, up from 7.8% in the third quarter of 2023. The surge in EV sales serves as a compelling indicator of the growth in demand for EV charging infrastructure. Blink Charging expects to capture this rising demand for EV charging infrastructure, which is likely to boost its top-line growth. The Zacks Consensus Estimate for BLNK’s 2025 revenues is pegged at $165.4 million. For the current year, the company expects its gross margin to expand approximately 33% from 29% in 2023. The consensus mark for 2024 and 2025 loss per share is pegged at $1.40 and 49 cents, respectively.BLNK’s Zacks Rank & Key PicksBlink Charging currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the auto space are Dorman Products, Inc. DORM, Tesla, Inc. TSLA and Blue Bird Corporation BLBD, 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 Zacks Consensus Estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.66% and 51.98%, respectively. EPS estimates for 2024 and 2025 have improved 75 cents and 88 cents, respectively, in the past 60 days.The Zacks Consensus Estimate for TSLA’s 2024 sales suggests year-over-year growth of 2.97%. EPS estimates for 2024 have improved 2 cents in the past 30 days. EPS estimates for 2025 have improved 7 cents in the past seven days.The Zacks Consensus Estimate for BLBD’s fiscal 2025 sales and earnings suggests year-over-year growth of 10.97% and 12.14%, respectively. EPS estimates for fiscal 2025 have improved 18 cents in the past 30 days.7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.1% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tesla, Inc. (TSLA): Free Stock Analysis Report Dorman Products, Inc. (DORM): Free Stock Analysis Report Blue Bird Corporation (BLBD): Free Stock Analysis Report Blink Charging Co. (BLNK): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks