Shoals Technologies jumps after FY22 forecast upgrade, upbeat Q3 results

Shoals Technologies

15/11/2022 11:17

** Shares of solar components maker Shoals Technologies
Group Inc  SHLS.O  up 19.7% at $26.2 premarket
    ** Stock expected to open at its highest in more than two
months
    ** SHLS raises the lower end of its FY22 rev forecast to
$310 mln-$325 mln from $300 mln-$325 mln
    ** Co also raises the lower end of its FY22 adj net income
and adj EBITDA guidance, citing improving solar market
conditions and recent performance
    ** SHLS reports Q3 rev of $90.8 mln, growing 52% YoY and
beating analysts' expectations of $83.1 mln; System solutions
segment rev grows 80%, accounting for 77% of Q3 rev    
    ** Co reports Q3 adj EPS of 10 cents/shr, beating Wall
Street's consensus of 8 cents/shr -  IBES Refinitiv data
    ** Order backlog jumps 74% YoY to $471.2 mln
    ** Piper Sandler and JP Morgan raises their PT for the stock
    ** Majority of brokerages covering the stock rate it "buy,"
their median PT is $31.50 - Refinitiv Data
    ** Up to last close, stock had fallen 7.5% YTD 
 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))