: Shoals stock zooms higher after earnings show first quarter with more than $100 million in revenue, increased outlook
Shoals Technologies Inc. SHLS shares jumped more than 10% in after-hours trading Monday, after the company reported a big beat on quarterly earnings and revenue, including topping $100 million in sales for the first time. Shoals, which sells components for solar-energy systems, reported earnings of $14.3 million, or 10 cents a share, on revenue of $105.1 million, up from $68 million a year ago. After adjusting for stock compensation and certain tax effects, the company reported earnings of 14 cents a share, up from 5 cents a share a year ago. Analysts on average had expected adjusted earnings of 9 cents a share on sales of $96.6 million, according to FactSet. Executives also increased their forecast for the year, guiding for adjusted earnings of $92 million to $102 million after previously stating $87 million to $97 million, and raising the bottom of their annual revenue range guidance to $480 million from $470 million. “Solar market conditions remain favorable, both for the industry as a whole and for Shoals specifically,” Chief Executive Jeff Tolnar said in a statement. “We believe we are just starting to realize the full power of the Shoals platform and we could not be more excited about the future.” The stock closed with a 4% increase at $19.72 Monday, then roared more than 10% higher in after-hours trading following the release of the results. The stock is up 45.3% in the past 12 months, as the S&P 500 index SPX has gained 2.1%.
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