Nextracker Inc. (NASDAQ:NXT) reported better-than-expected fourth-quarter financial results on Tuesday.
NEXTracker posted quarterly earnings of 96 cents per share, beating market estimates of 78 cents per share. The company's quarterly sales came in at $736.51 million versus expectations of $683.43 million, according to data from Benzinga Pro.
"Fiscal year 2024 was a year of strong execution and significant growth for Nextracker, and we reached a record backlog of over $4 billion that more than tripled in 2 years," said Dan Shugar, founder and CEO of Nextracker. "We've accelerated our pace of product innovation, scaled global revenue and supply chain, more than doubled our profits from the prior year, and exceeded all elements of our full year guidance."
Nextracker said it sees FY25 earnings of $2.89 to $3.09 per share, versus market estimates of $3.15 per share. The company expects revenue of $2.8 billion to $2.9 billion versus expectations of $2.89 billion.
Nextracker shares gained 9% to trade at $46.85 on Wednesday.
These analysts made changes to their price targets on Nextracker after the company reported quarterly results.
- Wells Fargo cut the price target on Nextracker from $68 to $64. Wells Fargo analyst Praneeth Satish maintained an Overweight rating.
- BMO Capital slashed Nextracker price target from $62 to $56. BMO Capital analyst Ameet Thakkar maintained a Market Perform rating.
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