Nextracker jumps on Q4 revenue beat

Nextpower

15/05/2024 11:10

** Shares of solar tracking equipment maker Nextracker
 NXT.O  jump 14% to $49.10 in premarket trade 
    ** Co posts Q4 revenue of ~$737 mln, much higher than est.
of $681.9 mln - LSEG data
    ** Reports adj. EBITDA of $160 mln in Q4, up 12% Y/Y,
excluding tax credit benefits
    ** Co forecasts FY25 revenue in range of $2.80 bln-$2.90
bln, largely in line with est. of $2.89 bln
    ** Mean recommendation of 27 brokerages tracking NXT is
"buy"; their median PT is $63.50
    ** "The print, and a likely view that company forecasting
remains conservative, were good enough to dispel most investor
concerns about project timing and competitive risks heading into
the guide," said J.P.Morgan, cutting its PT to $63 from $67
    ** As of last close, NXT shares are down 8.2% YTD vs 10%
rise in Nasdaq  .IXIC 

 (Reporting by Ankika Biswas in Bengaluru)
 ((Ankika.Biswas@thomsonreuters.com))