Nextracker Inc. NXT shares are trading higher in Wednesday's after-hours session after the company reported better-than-expected third-quarter financial results.
What To Know: Nextracker reported quarterly earnings of 96 cents per share which beat the analyst consensus estimate of 48 cents by 100%.
Revenue clocked in at $710.43 million, topping the Street's estimate of $617.95 million, a 38.38% increase over sales of $513.37 million from the same period last year.
Adjusted EBITDA was $168 million in the third quarter, up 168% year-over-year.
The company also reported operating cash flow was $317 million and adjusted free cash flow was $314 million year-to-date.
Nextracker raised its full-year 2024 outlook, with revenue estimated to be between $2.425 billion and $2.475 billion, versus the previous guidance of between $2.3 billion and $2.4 billion. GAAP net income is anticipated to be between $374 million and $429 million, versus between $237 million and $266 million previously.
"Nextracker achieved a record third quarter, outperforming across revenue, profit and backlog, which reflects strong execution and spotlights our capability to meet customer requirements. Underpinned by product differentiation that is gaining momentum in the marketplace, we are raising our annual guidance once again," said Dan Shugar, founder and CEO of Nextracker.
"As the world transitions to renewable energy and with solar leading new power generation, we are well positioned as the global leader in trackers, and we're just getting started."
NXT Price Action: Shares of Nextracker were up 18.20% at $53.51 in the after-hours session at the time of publication, according to Benzinga Pro.
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