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Mar 31, 2024
Shoals Q1 2024 Earnings Report
Shoals reported Q1 2024 financial results, with revenue of $90.8 million and backlog and awarded orders increasing 17% year-over-year.
Key Takeaways
Shoals Technologies Group, Inc. announced its first quarter results ended March 31, 2024. The company's revenue was $90.8 million, and net income was $4.8 million. Backlog and awarded orders increased by 17% year-over-year to $615.2 million.
Revenue decreased 14% year-over-year to $90.8 million.
Gross margin was 40.2%, compared to 45.9% in the prior-year period.
Net income was $4.8 million, compared to $17.0 million in the prior-year period.
Backlog and awarded orders increased 17% year-over-year to $615.2 million.
Shoals
Shoals
Forward Guidance
The Company is providing an outlook for the second quarter given the near-term uncertainty in the utility scale solar market, which has resulted in shifting order patterns. Based on current business conditions, business trends and other factors, for the quarter ending June 30, 2024, the Company expects revenue to be in the range of $85 million to $95 million and Adjusted EBITDA to be in the range of $20 million to $25 million. For the full year 2024, the Company expects revenue to be in the range of $440 million to $490 million, Adjusted EBITDA to be in the range of $130 million to $150 million, Adjusted net income to be in the range of $85 million to $100 million, Cash Flow from operations to be in the range of $100 million to $115 million, Capital expenditures to be in the range of $15 million to $20 million and Interest expense to be in the range of $15 million to $20 million.
Positive Outlook
- Revenue to be in the range of $85 million to $95 million for Q2 2024.
- Adjusted EBITDA to be in the range of $20 million to $25 million for Q2 2024.
- Revenue to be in the range of $440 million to $490 million for full year 2024.
- Adjusted EBITDA to be in the range of $130 million to $150 million for full year 2024.
- Adjusted net income to be in the range of $85 million to $100 million for full year 2024.
Challenges Ahead
- Near-term uncertainty in the utility scale solar market.
- Shifting order patterns.
- Cash Flow from operations to be in the range of $100 million to $115 million for full year 2024.
- Capital expenditures to be in the range of $15 million to $20 million for full year 2024.
- Interest expense to be in the range of $15 million to $20 million for full year 2024.