Shares of NEXTracker Inc (NXT) soared 12.61% in after-hours trading on Tuesday, as investors appeared to be betting on a strong third-quarter earnings report from the solar tracker systems manufacturer.
The after-hours rally came ahead of NXT's scheduled Q3 2024 earnings release on November 6. According to analyst estimates, NXT is expected to report earnings per share of $1.13 for the quarter, up 3.7% year-over-year, on revenues of $386.75 million (a 9.6% increase).
While NXT has only beaten consensus EPS estimates in two of the past four quarters, recent upward revisions to analyst estimates suggest growing optimism around the company's upcoming results. Zacks Equity Research highlighted that NXT's "Most Accurate Estimate" for Q3 EPS is higher than the consensus, potentially indicating a positive earnings surprise.
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