NXT stock jumped late Wednesday after solar company Nextracker (NXT) posted December quarter earnings results that easily topped analyst estimates. The solar tracker company also raised its guidance.
The Fremont, Calif.-based company said it earned an adjusted 96 cents per share on sales of $710 million for its fiscal third quarter. Analysts expected Nextracker to post earnings of 49 cents on sales of $619 million.
Revenue climbed 38% year over year.
On the stock market today, NXT stock jumped more than 19% to 53.94 in after-hours trading.
NXT Stock: Leading The Solar Stock Category
Nextracker is the world’s largest manufacturer of solar trackers, the racks that enable solar panels to pivot and follow the sun. It also sells software that allows the trackers to maximize output from solar arrays.
“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,” Chief Executive Dan Shugar said in the company’s earnings release.
Nextracker also upped its guidance for its fiscal year, which ends in March. The firm is projecting sales of $2.45 billion, based on the midpoint of its range. That’s up from $2.35 billion at the midpoint of its prior range.
Further, Nextracker upped its projected adjusted earnings to $2.65 per share for the fiscal year, based on the midpoint of its range. The firm previously gave a midpoint estimate of $2.05 per share.
Nextracker completed an initial public offering in February 2023. With the jump late Wednesday, NXT stock has more than doubled from its IPO price of 24 nearly 12 months ago.
Further, Nextracker stands out in a solar stock category that has struggled from rising interest rates. NXT stock ranks first among the 27 stocks tracked in the MarketSmith Energy-Solar category. That’s based on its Composite Rating of 94. The rating reflects strength across a number of technical and fundamental metrics linked to superior stock performance.
YOU MAY ALSO LIKE: