Nextracker Inc. (NASDAQ: NXT) witnessed an after-market surge in its stock price by 12.76% to $48.50 after announcing its financial results on Tuesday. The regular-session trading of NXT on the US stock market remained stable, concluding at $43.01.
Strong Fiscal Year 2024 Performance
Fiscal year 2024 marked a period of robust execution and substantial growth for Nextracker (NXT). In less than two years, NXT accomplished a spectacular achievement by more than tripling its backlog to approach $4 billion. Interestingly, sales increased by 31% year over year to $2.5 billion in the fiscal year 2024.
Net income was $496 million at the same time as diluted earnings per share (EPS) was $3.37. Accelerated product innovation, an extended worldwide sales and supply chain, and a profit that doubled over the prior year were the defining features of Nextracker’s performance. In addition, the business exceeded every aspect of its full-year expectations.
Notable is Nextracker’s accomplishment of becoming the first American solar firm to export more than 100 gigawatts worldwide since its founding, securing its long-term dominance in the industry. Looking ahead, Nextracker aims to accelerate solar adoption, positioning itself as a primary source of new power generation both in the U.S. and internationally.
Expansion At Leetsdale Facility To Support Solar Energy Demand
In a recent development, Nextracker, in collaboration with JENNMAR Holdings subsidiary JM Steel, announced the completion of a significant expansion at JM Steel’s Leetsdale steel facility. This expansion, dedicated to Nextracker’s manufacturing lines, has achieved a capacity of 4 gigawatts (GW). The historic Leetsdale factory, refurbished and reopened in 2022, now produces critical steel components for solar energy systems.
Equipped with state-of-the-art technology, including advanced solar tube lines with automated drilling and swedging capabilities, the facility represents a significant milestone in JENNMAR’s commitment to the renewable energy sector. This expansion at Leetsdale marks the twentieth new or expanded manufacturing facility in the U.S. for Nextracker since 2021, enabling the company to offer over 25 GW of solar tracker capacity annually.
