Nextracker Reports Q3 Earnings Beat, Raises Guidance
FREMONT, Calif., Nov. 8, 2022 /PRNewswire/ -- Nextracker Inc. (NASDAQ: NXT) today announced its financial results for the fiscal third quarter ended September 30, 2022.
Key Highlights:
* Net income of $115.3 million, or $0.79 per diluted share
* Adjusted earnings per share of $1.03, surpassing analyst estimates of $0.59
* Revenue of $679.4 million, exceeding consensus estimates of $649.4 million
Full-Year Guidance Raised:
* Earnings per share: $3.75 to $3.95 (up from $3.10 to $3.30 range)
* Revenue: $2.8 billion to $2.9 billion (up from $2.5 billion to $2.6 billion range)
Nextracker's strong performance was driven by increased demand for solar energy equipment amid the global energy transition. The company continued to execute on its growth strategy, expanding its global presence and introducing new products.
"Our strong financial results demonstrate the continued execution of our strategy and the value our products bring to solar developers," said Daniel Perez, CEO of Nextracker. "We are excited about the opportunities ahead as we continue to drive the industry towards a cleaner, more sustainable future."
For more information, please visit the company's investor relations website at https://investors.nextracker.com/.