Nextracker ramps up 2024 earnings guidance


From pv magazine USA

Nextracker – one of the world’s largest suppliers of solar mounts, tracking, and software – has announced its earnings for the fiscal third quarter to Dec. 31, 2023.

The company posted strong results, with quarterly revenue reaching $710 million. It raised its guidance for fiscal 2024 to between $2.425 billion and $2.475 billion, up from an initial estimate of $2.3 billion to $2.4 billion. 

“Nextracker achieved a record third quarter, outperforming across revenue, profit and backlog,” said CEO Dan Shugar. “Underpinned by product differentiation that is gaining momentum in the marketplace, we are raising our annual guidance once again.”

The company has achieved a record backlog of orders and is expanding its business beyond its primary market of the United States, which represents more than 70% of its revenues. Nextracker said it achieved a 10 GW milestone in the Middle East, India and Africa for projects that are now in operation or under development.

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The company said it now has about $800 million in liquidity, with an operating cash flow of $317 million and adjusted free cash flow of $314 million year to date.

Image: Nextracker

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