Shoals Technologies (NASDAQ:SHLS) shares are surging in the pre-market session today after it delivered a third-quarter beat. The company provides electrical balance of system (EBOS) solutions for areas including solar, battery storage as well as EV charging.
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During the quarter, revenue surged 51.8% year-over-year to $90.8 million, comfortably beating estimates by ~$7.8 million. EPS at $0.10 too, cruised past expectations by $0.02.
Further, while systems solutions revenue increased by 80% over the prior year, the company’s gross margin too expanded by 330 basis points to 39.7% during this period.
Shoals continues to see buoyant demand for solar EBOS, its combine-as-you-go system solutions as well as EV products. At the end of September, the order backlog with the company stood at $471.2 million, registering a 74% year-over-year increase.
For the full-year 2022, Shoals expects revenue to range between $310 million and $325 million. The bottom line is expected to hover between $48 million and $53 million.
Shoals shares have now climbed ~85% over the past six months.
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