Shoals Technologies Group (SHLS) Beats Q2 Earnings and Revenue Estimates

Core Insights - Shoals Technologies Group (SHLS) reported quarterly earnings of $0.10 per share, exceeding the Zacks Consensus Estimate of $0.09 per share, but down from $0.14 per share a year ago, representing an earnings surprise of 11.11% [1] - The company posted revenues of $99.25 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 10.51%, but down from $119.21 million year-over-year [2] - Shoals Technologies shares have declined approximately 64.9% year-to-date, contrasting with the S&P 500's gain of 8.7% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.18 on revenues of $136.48 million, and for the current fiscal year, it is $0.53 on revenues of $461 million [7] - The estimate revisions trend for Shoals Technologies is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The solar industry, to which Shoals Technologies belongs, is currently ranked in the bottom 40% of over 250 Zacks industries, which may negatively impact stock performance [8] - Another company in the solar industry, Maxeon Solar Technologies, is expected to report a quarterly loss of $1.12 per share, reflecting a significant year-over-year decline [9]