Nextracker (NASDAQ:NXT) shares rose sharply in Wednesday trading after the solar tracker and software solutions provider's fourth-quarter revenue beat expectations.
The stock traded Wednesday at $47.23. or $4.31, or 10%,. The shares are up about 15% in the past 52 weeks as of Tuesday's close.
Nextracker reported revenue of $737 million for the three months ended March 31, up 42% from a year ago and topping the average analysts' forecast of $683.2 million.
The company said it saw robust demand from U.S. and international markets. Nextracker reached a backlog of $4 billion during the fiscal year.
The quarter was the company's first as a standalone entity. It spun off from Flex Ltd. in January.
Nextracker expects revenue of $2.8 billion to $2.9 billion in the fiscal year that began April 1, up from $2.5 billion in the last year.
Looking ahead, the company sees annual net sales of between $2.8 billion and $2.9 billion, up from $2.5 billion in the last year, but falling just shy of the $2.89 billion consensus.
“We’ve accelerated our pace of product innovation, scaled global revenue and supply chain, more than doubled our profits from the prior year, and exceeded all elements of our full year guidance,” Nextracker founder and CEO Dan Shugar said in the company’s earnings statement.
