Nextracker Inc. ( NXT ) shares are trading higher after the company after the company reported better-than-expected fourth-quarter financial results.

Revenue rose 42% to $736.5 million, beating the consensus of $681.93 million. Adjusted EPS of $0.96 beat the street view of $0.78. 

Adjusted EBITDA rose to $159.6 million from $72.5 million a year ago, with a margin of 21.7% (an expansion from 14.0% a year ago).

As of FY24, the company had backlog of over $4 billion, with strong demand in U.S. and international markets.

Dan Shugar, founder and CEO of Nextracker ( NXT ), said, “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 inception, which underscores our sustained leadership position in the market.”

As of March 31, cash and cash equivalents stood at $474.1 million.

Outlook: For FY25, the company expects revenue of $2.8 billion-$2.9 billion (street view of $2.89 billion), adjusted EPS of $2.89-$3.09 (vs. consensus of $3.15), and adjusted EBITDA of $600 million-$650 million.

Investors can gain exposure to the stock via Invesco Solar ETF ( TAN ) and Global X CleanTech ETF ( CTEC ) .

Also Read: Nextracker’s Solar Ascendancy: Analyst Forecasts Doubling of Addressable Market Despite Valuation Hurdles

Price Action: NXT shares are up 13.9% at $48.97 premarket at the last check Wednesday.

Image: Andreas from Pixabay