Shoals Technologies (SHLS) late Monday issued its first quarterly results since its initial public offering. Shoals stock was trading flat.
For its fourth quarter, Shoals reported adjusted earnings of 3 cents a share compared with 5 cents in the year-ago period. It reported revenue of $38.8 million. Analyst estimates were not available. The Shoals initial public offering took place Jan. 27 and raised $1.9 billion.
Company revenue in the quarter inched up 2% from the year-ago period.
“Year-over-year growth was more modest in the fourth quarter due to extended downtime we took in December while we expanded capacity, as well as an extraordinarily strong fourth quarter of 2019,” Shoals said in its earnings release. For the year, revenue jumped 21.5% to $175.5 million.
Shoals stock was flat, near 38, during after-hours trading on the stock market today.
Shoals Stock: IPO Priced At 25
For its IPO, Shoals stock priced at 25, above the high end of its range, It jumped 24% on the first day of trading.
Based in suburban Nashville, Tenn., Shoals provides an array of gear needed to operate large-scale solar energy projects. This includes key components needed to carry electric currents from solar panels to the power grid. It also includes cable assemblies, wireless monitoring systems, junction boxes, transition enclosures and splice boxes.
For 2021, Shoals expects revenue in the range of $230 million to $240 million, up 31% to 36.7%, year-over-year. It expects adjusted net income in the range of $47 million to $51 million. The company is also moving into the electric vehicle infrastructure business.
Shoals was recently profiled as an IBD “New America” company.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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