FTC Solar plummets on Q3 results; CEO, CFO departure

FTC Solar

08/11/2023 17:26

(Updates)
    ** Shares of FTC Solar  FTCI.O  plunges 68% to 38 cents 
    ** Adj. loss of 8 cents per share vs. est. adj. loss of 7
cents per share - LSEG data
    ** Co posted Q3 revenue of $30.5 mln; expects Q4 revenue "to
be down from the third quarter with gross margin reflecting
lower cost absorption," forecasts $18 mln to $28 mln for Q4
    ** Co flags adverse impacts by regulatory issues involving
the solar circumvention investigation and the Uyghur Forced
Labor Prevention Act in quarter ended Sept. 30
        ** Service costs hit by warehousing costs for inventory
not assigned to specific projects
  
    ** CEO Steve Hunkler and CFO Phelps Morris to leave by
December this year
    ** Raymond James cuts PT to $2 from $4, reiterates "strong
buy"
        ** "Fundamentally, the headwind is that so much project
construction is delayed. This is certainly frustrating, but it
is not specific to any single company" - Pavel Molchanov,
analyst at Raymond James 
  
    ** Up to last close, stock is down 55.60% YTD

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com))