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Dec 31, 2023
Shoals Q4 2023 Earnings Report
Shoals reported strong growth in Q4 2023, with revenue increasing and backlog growing, but anticipates a softer first half of 2024 due to project delays.
Key Takeaways
Shoals Technologies Group, Inc. announced a 38% year-over-year increase in revenue for the fourth quarter of 2023, reaching $130.4 million. The company's backlog and awarded orders also increased by 47% year-over-year to $631.3 million. However, the company anticipates a softer first half of 2024 due to project delays caused by sustained higher interest rates.
Revenue grew by 38% year-over-year to $130.4 million driven by increased domestic demand for solar EBOS.
Gross margin was 42.5%, slightly down from 42.7% in the prior-year period due to higher labor costs.
Backlog and awarded orders increased by 47% year-over-year to $631.3 million, with international markets representing over 13%.
Net income was $16.6 million, compared to $118.3 million in the prior year, which benefited from a $110.9 million gain on termination of the tax receivable agreement.
Revenue by Geographic Location
Forward Guidance
The Company is providing an outlook for the first quarter given the headwinds in the utility scale solar market, which have resulted in certain customers changing order patterns.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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