Shoals Tech Soars on Q3 Beat
November 15 2022 - 07:34AM
TipRanks
Shoals Technologies (NASDAQ:SHLS) shares are surging in the
pre-market session today after it delivered a third-quarter beat.
The company provides electrical balance of system (EBOS) solutions
for areas including solar, battery storage as well as EV charging.
During the quarter, revenue surged 51.8% year-over-year to $90.8
million, comfortably beating estimates by ~$7.8 million. EPS at
$0.10 too, cruised past expectations by $0.02. Further, while
systems solutions revenue increased by 80% over the prior year, the
company’s gross margin too expanded by 330 basis points to 39.7%
during this period. Shoals continues to see buoyant demand for
solar EBOS, its combine-as-you-go system solutions as well as EV
products.
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Shoals Technologies (NASDAQ:SHLS)
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