Shares of solar tracking systems manufacturer NEXTracker Inc (NXT) skyrocketed by 21.68% on October 31, 2024, as the company reported impressive third-quarter results and raised its full-year guidance, fueling investor optimism.

For the third quarter ended September 30, 2024, NEXTracker delivered revenue of $635.6 million, beating analyst estimates of $613.8 million by 3.6%. The company's adjusted earnings per share (EPS) of $0.97 also topped expectations of $0.61 by a substantial 60% margin, while its EBITDA of $172.7 million exceeded forecasts by 35.8%.

Following these strong results, NEXTracker raised its full-year 2024 revenue guidance to $2.85 billion at the midpoint, in line with analyst estimates. More significantly, the company boosted its adjusted EPS guidance for the year to $3.20 at the midpoint, representing a 7% increase from previous projections. NEXTracker's EBITDA guidance was also raised to $645 million, ahead of the consensus estimate of $624.3 million.