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FREMONT, Calif. - Nextracker Inc. (NASDAQ:NXT) shares surged 13.5% in after-hours trading on Tuesday after the solar tracker manufacturer reported third-quarter earnings that significantly exceeded analyst expectations and raised its full-year profit outlook.
The company posted adjusted earnings per share of $1.03 for the quarter ended December 31, 2024, handily beating the analyst consensus estimate of $0.48. Revenue came in at $679 million, also topping Wall Street’s forecast of $617.99 million.
Nextracker’s quarterly revenue grew 6.8% sequentially but declined 4.4% YoY. The company attributed the strong results to robust demand across all key regions and meaningful contributions from new products.
"We’re very pleased with the company’s execution, delivering record revenue and profit year-to-date driven by strong demand," said Dan Shugar, founder and CEO of Nextracker.
For fiscal year 2025, Nextracker raised its adjusted earnings per share guidance to $3.75-$3.95, up from its previous outlook of $3.10-$3.30. The company reaffirmed its full-year revenue forecast of $2.8-$2.9 billion.
The solar technology firm reported record backlog of significantly over $4.5 billion. It also expanded its manufacturing and supply chain network to over 70 partners operating more than 90 facilities across 19 countries.
Chuck Boynton, CFO of Nextracker, noted: "The company is on incredibly solid financial footing with $418 million of operating cash flow year-to-date, ending the quarter with over $693 million in cash and equivalents."
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