By Sabela Ojea
Shares of Nextracker climbed after the provider of solar trackers and software solutions raised its outlook for fiscal 2025 after posting growth in its third quarter.
The stock was up 15% to $45.39 in post-market trading on Tuesday. Shares have declined 12% in the past 12 months.
The company said it now expects earnings for the year ending in March of $467 million to $497 million, or $3.11 to $3.31 a share, and adjusted earnings of $3.75 to $3.95 a share.
Nextracker had most recently guided for a net profit of $378 million to $408 million, or $2.50 to $2.70 a share, and adjusted earnings of $3.10 to $3.30 a share.
The outlook comes as it ends the third quarter with a record backlog due to robust demand in all key regions for the company, with meaningful contributions from new products.
The company posted a fiscal third-quarter net profit attributable to shareholders of $115.3 million, or 79 cents a share, compared with $41.4 million, or 87 cents a share, for the same period a year earlier.
Quarterly revenue fell 4.4% to $679.4 million, but came in ahead of Wall Street expectations of $646 million, according to FactSet.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 28, 2025 17:37 ET (22:37 GMT)
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