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Jun 30, 2024
Shoals Q2 2024 Earnings Report
Shoals reported a decrease in revenue due to project delays, but backlog and awarded orders increased.
Key Takeaways
Shoals Technologies Group reported a decrease in revenue for the second quarter of 2024, primarily due to project delays. Despite this, the company saw an increase in backlog and awarded orders. They are adjusting their full-year outlook due to uncertainty and volatility in the market.
Revenue decreased 17% year-over-year to $99.2 million due to project delays.
Gross profit was $40.0 million, with a gross profit margin of 40.3%.
Backlog and awarded orders increased 18% year-over-year to $642.3 million.
Adjusted EBITDA decreased to $27.7 million compared to the prior-year period.
Forward Guidance
The Company is providing an outlook for the third quarter and full year 2024 given the near-term uncertainty in the utility scale solar market, which has resulted in shifting order patterns.
Positive Outlook
- Revenue to be in the range of $95 to $105 million for Q3 2024
- Adjusted EBITDA to be in the range of $25 to $30 million for Q3 2024
- Revenue to be in the range of $370 to $400 million for full year 2024
- Adjusted EBITDA to be in the range of $96 to $110 million for full year 2024
- Adjusted net income to be in the range of $62 to $76 million for full year 2024
Challenges Ahead
- Uncertainty and volatility resulting from the current political cycle.
- Potential tariffs.
- Interest rates continues, and are impacting how developers are planning out their projects this year and next.
- Cash Flow from operations to be in the range of $62 to $82 million for full year 2024
Historical Earnings Impact
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Avg. Return Before/After Earnings
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