Nextracker Posts Record Q3 Earnings, Raises 2024 Outlook

Shares soar as company beats analyst estimates, with several analysts raising their price targets in response.

Nextracker Inc. reported third-quarter earnings of 96 cents per share, beating the analyst consensus estimate of 48 cents by 100%.
Revenue for the quarter was $710.43 million, a 38.38% increase over sales from the same period last year.
The company raised its full-year 2024 outlook, with revenue now estimated to be between $2.425 billion and $2.475 billion.
Several analysts have raised their price targets on Nextracker following the earnings release.
Nextracker shares are trading above the stock’s 50-day moving average and marked a new, intraday 52-week high.