Shoals Technologies Group Stock Decline
Shares of Shoals Technologies Group were on the decline after the solar energy solutions company guided for full-year sales to be nearly flat for fiscal 2024.
The stock fell 12% to $13.55 ahead of the Thursday market open. Shares were down about 37% over the past 12 months.
Revenue Outlook for 2024
The Portland, Tenn.-based company on Wednesday said it sees 2024 revenue between $480 million and $520 million. The company reported $488.9 million in revenue for 2023, a 50% increase from the fiscal year before.
“While customer momentum remains strong as reflected by record quoting activity and order volumes, we are expecting a softer first half of 2024 as sustained higher interest rates are resulting in project delays,” Chief Executive Brandon Moss said.
Growth in Fourth Quarter
Fourth-quarter revenue grew $130.4 million from $94.6 million in the year-ago quarter. The 38% increase was driven by higher sales volumes and higher demand for its solar electrical balance of system solutions for solar, battery storage, and electric vehicle charging infrastructure.
Shoals Technologies’ earnings were $16.6 million, or 10 cents a share, for the period ended Dec. 31, compared with $118.3 million, or 70 cents a share, for the same period a year ago.
Adjusted for certain one-time items, Shoals Technologies reported earnings of 12 cents a share compared with 15 cents a share in the year-ago quarter. Analysts expected 10 cents a share.
