Nextracker Inc. ( NXT )shares are trading higher Wednesday after the company posted better-than-expected fourth-quarter financial results. Here's a look at the key figures from the report.

The Details: Nextracker ( NXT ) reported quarterly earnings of 96 cents per share which beat the analyst consensus estimate of 78 cents by 23.08%.  

Quarterly sales clocked in at $736.51 million which beat the analyst consensus estimate of $683.43 million by 7.77% and represents a 42.08% increase over sales from the same period last year.

"Fiscal year 2024 was a year of strong execution and significant growth for Nextracker ( NXT ), and we reached a record backlog of over $4 billion that more than tripled in 2 years. We also reached a tremendous milestone being the first U.S. solar company to surpass 100 gigawatts of global shipments since Nextracker's ( NXT ) inception, which underscores our sustained leadership position in the market," said Dan Shugar, CEO of Nextracker ( NXT ).

Outlook: Nextracker ( NXT ) sees fiscal year 2025 earnings of between $2.89 and $3.09 per share, versus the $3.15 per share estimate, and full-year revenue of between $2.8 billion and $2.9 billion, versus the $2.89 billion analyst estimate. 

Analysts React: Multiple analysts updated price targets on the stock following the print. 

Wells Fargo analyst Praneeth Satish maintained NEXTracker ( NXT ) an Overweight rating and lowered the price target from $68 to $64.

BMO Capital maintained its Market Perform rating and lowered the price target from $62 to $56.

Roth MKM analyst Philip Shen reiterated Nextracker ( NXT ) with a Buy and maintained a $70 price target.

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NXT Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Nextracker ( NXT ) have an average 1-year price target of $62.33, representing an expected upside of 31.23%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Nextracker ( NXT ), while 9 analysts have bullish ratings. The street high price target from Roth MKM is $70, while the street low from Scotiabank is $50.

NXT Price Action: According to Benzinga Pro, Nextracker ( NXT ) shares are up 11% at $47.76 at the time of publication Wednesday.

Image: Pete Linforth from Pixabay