Business
Nextracker Reports Q3 FY24 Financial Results
Achieves Record Revenue and Profits; Raises FY24 Guidance FREMONT, Calif.--(BUSINESS WIRE)-- Nextracker (Nasdaq: NXT), one of the world’s leading providers
About this update from Nextpower Inc.
Achieves Record Revenue and Profits; Raises FY24 Guidance FREMONT, Calif.--(BUSINESS WIRE)-- Nextracker (Nasdaq: NXT), one of the world’s leading providers of intelligent solar tracker and software solutions, today announced financial results for the third quarter ended December 31, 2023. Q3 FY2024 Financial Highlights: Revenue $710 million, up 38% YoY GAAP net income $128 million, diluted EPS $0.87 Adjusted EBITDA $168 million, up 168% YoY Adjusted net income $142 million, adjusted diluted EPS $0.96 Q3 FY2024 Business Highlights: Strong execution, significant revenue growth of 38% year-over-year, and supply chain optimization Record backlog; continued demand strength globally, achieved 10-gigawatt milestone in India, Middle East, and Africa regions for projects in operation or under fulfillment High-quality balance sheet with total liquidity of approximately $800 million; strong operating cash flow of $317 million and adjusted free cash flow of $314 million year-to-date “Nextracker achieved a record third quarter, outperforming across revenue, profit and backlog, which reflects strong execution and spotlights our capability to meet customer requirements. Underpinned by product differentiation that is gaining momentum in the marketplace, we are raising our annual guidance once again,” said Dan Shugar, Founder and CEO of Nextracker. “As the world transitions to renewable energy and with solar leading new power generation, we are well positioned as the global leader in trackers, and we’re just getting started.” Raised FY2024 Annual Guidance Revenue: $2.425 billion to $2.475 billion (vs. previous $2.3 billion to $2.4 billion) GAAP Net Income: $374 million to $429 million (vs. previous $237 million to $266 million) which includes an estimated $50 million to $80 million of benefit from IRA 45X tax credit vendor rebates GAAP diluted EPS: $2.53 to $2.90 (vs. previous $1.60 to $1.80) Adjusted EBITDA: $475 million to $500 million (vs. previous $390 million to $440 million) which excludes stock-based compensation expense, net intangible amortization, and IRA 45X tax credit vendor rebates Adjusted diluted EPS: $2.55 to $2.75 (vs. previous $1.95 to $2.15) which excludes $0.30 for stock-based compensation expense and net intangible amortization, and excludes $0.28 to $0.45 of benefit from IRA 45X tax credit vendor rebates Q3 FY2024 Earnings Call January 31, 2024 1:30p...