Nextracker surges after quarterly beat, profit forecast boost

Nextpower

31/10/2024 12:36

** Nextracker's  NXT.O  shares jump 15.7% to $36.98 premarket
after solar tracking equipment maker posted qtrly beat and
boosted full-year earnings outlook
    ** Stock on course for biggest one-day pct gain since Feb 2,
if gains hold
** Co late Weds said fiscal Q2 rev rose 11% y/y to $635.6 mln,
topping LSEG estimate of $615.4 mln
    ** Adj EPS in qtr of 97 cents exceeded consensus view of 61
cents
** “We finished Q2 with strong execution and operational
discipline, driving meaningful improvements in margins, which
allows us to raise our FY25 profit outlook,” CFO 
    ** Co now expects adj EPS of $3.10-$3.30 for FY25, up from
prior outlook of $2.89-$3.09, and reaffirmed full-year rev
forecast of $2.8-$2.9 bln
    ** Reacting to report, Truist hikes its PT by $4 to $54 and
Jefferies raises PT by $5 to $42, while BofA reduces its target
by $7 to $58
    ** Of 28 Wall Street analysts covering NXT, recommendation
breakdown is 5 "strong buy", 17 "buy" and 6 "hold" ratings;
median PT of $55 down from $61 a month ago - LSEG
    ** Through Weds close, shares shed ~32% YTD

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))