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Nextracker LLC, an intelligent solar tracker and software solutions provider has posted a rise in revenue, profit and backlog for the second quarter of its fiscal year 2024.
The company said in a media release that its revenue for the second quarter ended September 29, 2023, reached $573 million, up 23 percent year-on-year. GAAP net income stood at $81.4 million, up 200 percent compared to the same period a year prior. However, excluding income attributable to redeemable non-controlling interests, Nextracker’s net income landed at $39.2 million. Net income for the six months ended September 29, 2023, landed at $59.7 million.
“Nextracker’s Q2 results reflect strong worldwide execution, and we are pleased with our record revenue, profits, and backlog,” said Dan Shugar, Founder and CEO of Nextracker. “We closed our third consecutive quarter of growth year-over-year, as a public company, and it was our sixth consecutive quarter of margin expansion on a sequential basis”.
“With a record first half and our anticipation of a strong second half of the fiscal year, we have raised our annual profit guidance and the mid-point of our annual revenue guidance. We are well-positioned with our global scale and growth profile, and we are excited to pursue the market opportunities ahead”, he said.
The company’s FY 2024 annual revenue guidance has been bumped from $2.2 billion–$2.4 billion to $2.3 billion–$2.4 billion. The company said its GAAP net earnings have been significantly increased, with the company hiking the guidance up from $176 million–$205 million to $237 million–$266 million.
In a separate media release, the company said it has decided to separate from Flex Ltd. “We are grateful for our time within Flex, as Flex helped us considerably in maturing our business processes and supporting our expansion into emerging markets, especially in our early years as a young company,” said Shugar. “We are energized to start our next chapter.”
To contact the author, email andreson.n.paul@gmail.com
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