Shares of Nextracker Inc. (NXT) soared more than 19% in after-hours trading Wednesday after the company reported better-than-expected earnings and revenue for Q4, and raised the guidance for the full-fiscal 2024.
Specifically, the energy solutions company posted fourth-quarter earnings per share (EPS) of $0.96, topping the consensus estimates of $0.34. Revenue came in at $710 million, while analysts were looking for $514.56 million.
Adjusted EBITDA for the quarter rose to $168 million, up 168% year-over-year, while adjusted net income surged to $142 million.
Nextracker reported a robust balance sheet, showcasing a total liquidity of around $800 million. Its operating cash flow stood at $317 million, while year-to-date adjusted free cash flow has been recorded at $314 million.
“NXT reported impressive fiscal 3Q24 results exceeding Street topline/EBITDA estimates by 13%/58% respectively, boosting FY topline/EBITDA/EPS guidance (even excluding 45x benefits), and reporting FCF generation of >$60mm for the quarter bringing fiscal YTD FCF to well over $300mm,” Truist Securities analysts said in a note.
Looking ahead, the company expects full-year EPS in the range of $2.55 to $2.75, compared to the consensus projection of $2.17. Revenue is anticipated to land between $2.42 billion to $2.47 billion, while analysts were looking for $2.34 billion.
“Nextracker achieved a record third quarter, outperforming across revenue, profit and backlog, which reflects strong execution and spotlights our capability to meet customer requirements,” said Dan Shugar, Founder and CEO of Nextracker.
“Underpinned by product differentiation that is gaining momentum in the marketplace, we are raising our annual guidance once again.”