Why Electric Services Company Fluence Shares Are Surging Today

Fluence Energy Inc FLNC shares are trading higher after the company reported fourth-quarter FY23 earnings and provided FY24 guidance.

FLNC reported fourth-quarter FY23 sales growth of 52.3% year-on-year to $672.98 million, beating the analyst consensus estimate of $515.667 million.

Gross profit for the quarter was $76.3 million versus $10.7 million, with a margin of 11.3%.

General and administrative expenses increased 6.6% to $35.1 million. Adjusted EBITDA for the quarter was $19.8 million.

The company held $462.7 million in cash and equivalents as of September 30, 2023.

EPS of $0.02 beat the consensus estimate of $(0.06).

Outlook: Fluence sees FY24 revenue of $2.7 billion-$3.3 billion (consensus $2.79 billion).

The company sees FY24 adjusted EBITDA of about $50 million-$80 million.

FLNC expects about 30% of annual revenue in H1 FY24 and 70% in H2 FY24, mostly due to the expected timing of certain contracts.

Price Action: FLNC shares are trading higher by 23.8% at $25.09 on the last check Wednesday.

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