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Fluence Energy (Nasdaq: FLNC) reported a surprise profit of 2 cents per share in the fiscal fourth quarter, the first-ever profitable quarter in the company’s history. Shares of Fluence popped more than 16% ahead of the opening bell on Wednesday.
Fluence Energy’s Q3 Report Beats EPS and Revenue Estimates
Energy storage products and services Fluence Energy saw its share price jump over 16.1% in the premarket trading on Wednesday after the company reported its first-ever quarterly profit.Notably, the company said it made a profit of $3.23 million in Q3, or 2 cents per share, compared to a loss of $37.1 million, or 32 cents per share, in the year-earlier period. The numbers were significantly higher than Wall Street’s expected loss of 8 cents per share.Fluence’s CEO Julian Nebreda said the first profitable quarter represented “a transformative milestone” for the company. “This momentous achievement is a testament to our unwavering commitment to operational excellence, and to our team’s relentless dedication,” he said.Revenue came in at $673 million in the quarter ended Sept. 30, marking a year-over-year increase of 50%. Analysts expected Q3 revenue of $510.9 million.’
Fluence Unveils Fiscal 2024 Guidance, Cites Strong Demand for Energy Solutions
During the earnings call, Nebreda said the world remains “hungry for sustainable solutions,” signaling a noteworthy increase in demand for energy products. The CEO believes his company is at the forefront of addressing this global trend “as evidenced by our recently launched Gridstack Pro product.”Nebreda was appointed Fluence’s CEO in September 2022 and said at the time he would aim to deliver “profitable growth.” Under his leadership, the energy firm achieved this milestone, although in exchange for less ambitious growth targets. Specifically, Fluence Energy expects revenue from $2.7 billion to $3.3 billion for the full fiscal 2024, representing growth of 22-50%, notably lower than the 83% increase seen in the 2023 fiscal year. Analysts expected full-year revenue of $2.77 billion. Meanwhile, the company said it has addressed all its battery needs for 2024 and 2025. Today, it is the second-largest battery storage system integrator by deployed projects after Sungrow. The company struck numerous order deals for battery storage projects in September, including a 4-hour duration project in Ireland, two 2-hour systems for UK’s Varco Energy, and a project for Tilt Renewables in Australia. More By This Author:Okta Inc. Outperforms Expectations In Q3 With $584m In Revenue And A $0.44 EPSGeneral Motors Announces $10B Buyback, Will Up Dividend By 33% Next YearDollar Tree Earnings Fall Short Of Expectations, Reports $7.31B In Revenue
