Shoals Technologies reports Q3 adjusted EPS 12c, consensus 13c

Reports Q3 revenue $135.8M, consensus $130.82M. “I’m very pleased with our third quarter’s performance, delivering revenue above the high-end of our guided range, record backlog and awarded orders of $720.9 million, and a book to bill of 1.4. We are executing our strategic plan of accelerating growth within our core domestic utility scale solar market and expanding our offering into attractive high growth applications. We remain encouraged by the strong customer reception of new products and capabilities, which allows us to continue to both grow share in key segments and diversify our business into new end markets,” said Brandon Moss, CEO of Shoals. While public policy has brought some complexity and volatility to the financial markets this year, the massive increase in energy consumption we’re experiencing is driving an enormous long-term investment cycle in new power generation. The underlying fundamentals of our markets have steadily improved this year, and customers remain very constructive on new projects moving forward, as seen in our record quoting activity. We remain focused on meeting the strong customer demand we see ahead with the investment we’ve made in our new state of the art production facility, and are exceptionally well positioned to succeed in the coming year,” added Mr. Moss.