Nextracker Stock Shines After-Hours: Company Reports Q3 Results Above Estimates, Raises FY 2024 Guidance
Portfolio Pulse from Ryan Gustafson
Nextracker Inc. (NASDAQ:NXT) reported Q3 earnings of 96 cents per share, surpassing estimates of 48 cents, and revenue of $710.43 million, beating estimates of $617.95 million. The company saw a 168% increase in adjusted EBITDA year-over-year and raised its FY 2024 revenue guidance to $2.425-$2.475 billion, with GAAP net income expected between $374-$429 million. Shares rose 18.20% to $53.51 in after-hours trading.
January 31, 2024 | 10:26 pm
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Nextracker's Q3 results exceeded expectations with a significant earnings beat and revenue surge, alongside a raised FY 2024 guidance, leading to an 18.20% increase in after-hours stock price.
The positive earnings report and raised guidance indicate strong financial health and growth prospects for Nextracker, which typically results in increased investor confidence and a rise in stock price.
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