December 2, 2022
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Procore beats estimates for Q3 revenue, earnings

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Carpinteria-based Procore reported more losses in the third quarter of 2022, but continued revenue growth and a positive outlook keeps many investors bullish on the construction software company.

Procore announced its third quarter earnings after the markets closed Nov. 2. The company reported a net loss of $71.2 million, up from a net loss of $50.7 million in the same quarter a year ago.

For the year, Procore’s net loss is $215.7 million, up slightly from $214.1 million through three quarters last year.

When adjusted for one-time losses, Procore’s net loss was $12.8 million, or 9 cents per share, still more than double last year’s net loss of $6.3 million, but also still beating analysts’ expectations.

According to Zacks Consensus Estimate, analysts expected Procore to have a non-GAAP net loss of 17 cents per share for the quarter ended Sept. 30.

Procore also beat analysts’ revenue expectations, too, generating $186 million, a 41% increase from the same quarter last year. That included $8.1 million in revenue from LevelSet, one of its acquisitions last year.

Analysts expected revenue to be under $180 million for Procore in the third quarter.

“We delivered another quarter of impressive results on the top and bottom line, highlighted by growth across stakeholders and customer sizes, as well as operating margin improvement,” Paul Lyandres, CFO of Procore, said in a news release. “These results are a testament to our deepening partnership with the industry, our focus on scaling efficiently, and the significant opportunity ahead of us.”

Procore shares were up about 5% during the trading day Nov. 3, one day after the announcement, with the stock price hovering above $52 a share. For the year, Procore shares are down 33%.

The company ended the quarter with cash and cash equivalents worth $264.6 million.