Nextracker surges after raising FY forecasts

Nextpower

01/02/2024 09:48

** Shares of solar tracking equipment maker Nextracker 
 NXT.O  surge 22.7% to $55.55 before the bell
    ** Co raises FY rev guidance to range of $2.425 bln - $2.475
bln vs previous guidance of $2.3 bln - $2.4 bln
    ** Raises FY EPS forecast to $2.53 - $2.90 from a prior
range of $1.60 - $1.80
    ** Reports Q3 rev of $710 mln, up 38% YoY; Q3 adj. EPS of 96
cents beats analysts' consensus of 48 cents - LSEG data
    ** 20 of 23 brokerages rate the stock "buy" or higher, the
rest going for "hold"; their median PT is $55.5
    ** Up to last close, stock had fallen over 3% YTD

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))