Shoals Technologies reports Q4 EPS 12c, consensus 17c

Reports Q3 revenue $130.40M, consensus $131.94M . Backlog and Awarded Orders Increased 47% Year-Over-Year to $631.3 M…”Shoals continued its strong growth trajectory in the fourth quarter, with revenue growing 38% year-over-year, reflecting the exceptional dedication and execution of the management team and associates,” said Brandon Moss, CEO of Shoals. Mr. Moss added, “Demand for our products remains robust, with backlog and awarded orders increasing 47% year-over-year, as the Company added over $128 million in new orders in the quarter. International markets continue to develop as a growth driver, representing more than 13% of our backlog and awarded orders. Domestically, we further strengthened our leadership position after engaging a new top solar EPC in a master supply agreement subsequent to the quarter end.” “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. Despite near term challenges, the long-term outlook for Shoals remains bright, and we expect revenue growth to drive operating leverage in the second half of the year,” concluded Mr. Moss.