NuScale's Q4 Earnings Miss Expectations; Sets Sights On Efficiency Gains
Portfolio Pulse from Shivani Kumaresan
NuScale Power Corp (NYSE:SMR) reported a Q4 FY23 sales increase of 35.3% year-on-year to $4.60 million, missing analyst estimates of $9.975 million. EPS was $(0.25), below the expected $(0.13). Fiscal 2023 revenue rose 93.2% to $22.8 million, but gross profit fell 14.2% to $3.8 million. The company's loss from operations widened to $(275.6) million from $(229.9) million the previous year. NuScale announced cost-efficiency actions expected to save $50 million-$60 million annually. Shares dropped 0.41% to $7.21.
March 15, 2024 | 3:30 pm
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NuScale Power Corp reported lower than expected Q4 FY23 earnings and announced significant cost-efficiency measures to save $50M-$60M annually.
The missed earnings and EPS indicate underperformance compared to market expectations, which typically leads to negative investor sentiment in the short term. However, the announcement of significant cost-efficiency measures could mitigate some negative impact by showing proactive management steps to improve financial health.
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