Renewable Energy Stocks: The Winners and Losers of Q2
As the earnings season comes to a close, it’s time to assess the performance of renewable energy stocks. Despite facing headwinds from economic cycles and increasing regulation against traditional power generation, these companies have shown remarkable resilience.
The Big Picture
The 20 renewable energy stocks we track reported a satisfactory Q2, with revenues missing analysts’ consensus estimates by 5.2%. However, next quarter’s revenue guidance fell 10.9% below expectations. The recent rate cut by the Federal Reserve has sparked debate about its timing and potential impact on the economy. Meanwhile, renewable energy stocks have seen an average increase of 9.6% in share prices since the latest earnings results.
NuScale: A Disappointing Quarter
Founded by a team of nuclear scientists, NuScale (NYSE:SMR) specializes in small modular reactor technology. Despite reporting revenues of $967,000, the company fell short of analysts’ expectations, making it the weakest performer in the group. However, the stock has surged 114% since reporting, currently trading at $18.44.
Shoals: A Bright Spot
Shoals (NASDAQ:SHLS), a manufacturer of solar energy system products, reported revenues of $99.25 million, down 16.7% year on year. However, the company outperformed analysts’ expectations by 9.6% and delivered an impressive beat on earnings estimates. Despite this, the stock has fallen 6.5% since reporting, currently trading at $5.14.
Blink Charging: A Miss
Blink Charging (NASDAQ:BLNK), a manufacturer and provider of electric vehicle charging equipment, reported revenues of $33.26 million, up 1.3% year on year. However, the company fell short of analysts’ expectations by 14.5% and posted a miss on earnings estimates. As expected, the stock has dropped 19.4% since the results, currently trading at $2.04.
ChargePoint: A Soft Quarter
ChargePoint (NYSE:CHPT), a provider of electric vehicle charging technology solutions, reported revenues of $108.5 million, down 27.9% year on year. The company’s print came in 4.4% below analysts’ expectations, and it also missed earnings estimates. The stock has fallen 21.1% since reporting, currently trading at $1.33.
American Superconductor: A Standout
Founded in 1987, American Superconductor (NASDAQ:AMSC) has shifted its focus from superconductor research to developing power systems and naval technology. The company reported revenues of $40.29 million, up 33.2% year on year, topping analysts’ expectations by 2.4%. It was an exceptional quarter, with revenue guidance for next quarter exceeding analysts’ expectations. The stock has surged 28.4% since reporting, currently trading at $26.43.
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