Shares of NEXTracker Inc (NXT), a leading manufacturer of solar tracking systems, skyrocketed by 25.46% on Wednesday, October 31, 2024, following the company's impressive third-quarter 2024 financial results and raised full-year guidance.
For the third quarter ended September 30, NEXTracker delivered revenue of $635.6 million, surpassing analyst estimates of $613.8 million by a substantial 3.6%. The company's adjusted earnings per share (EPS) of $0.97 also topped expectations of $0.61 by a remarkable 60% margin, while its EBITDA of $172.7 million exceeded forecasts by 35.8%.
Buoyed by these strong results, NEXTracker raised its full-year 2024 revenue guidance to $2.85 billion at the midpoint, in line with analyst estimates. However, the company's most significant guidance upgrade came in the form of its adjusted EPS outlook, which was boosted to $3.20 at the midpoint, representing a 7% increase from previous projections. NEXTracker also raised its EBITDA guidance to $645 million, surpassing the consensus estimate of $624.3 million.
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