Shoals Technologies Group, Inc. Provides Preliminary Earnings Guidance for the Second Quarter Ended June 30, 2021
July 13, 2021 at 06:03 am EDT
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Shoals Technologies Group, Inc. provided preliminary unaudited earnings guidance for the second quarter ended June 30, 2021. For the quarter, the company expects revenue will range from $58.8 million to $60.3 million, an increase of $16.1 million or 37%, using the mid-point of the estimated revenue range when compared with revenue of $43.4 million for the three months ended June 30, 2020. The increase in revenue was due to increased demand for Solar EBOS generally and the company's combine-as-you-go system solutions specifically. Net income will range from $8.0 million to $10.0 million, an increase of $3.8 million or 72%, using the mid-point of the estimated net income range when compared with net income of $5.2 million for the three months ended June 30, 2020. The increase in net income was primarily due to increased revenue offset by an increase in interest expense.
Shoals Technologies Group, Inc. is a provider of electrical balance of system (EBOS) solutions for solar, battery storage, and electric vehicle charging infrastructure. EBOS encompasses all of the components that are necessary to carry the electric current produced by solar panels to an inverter and ultimately to the power grid. EBOS components that it produces include cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes and battery energy storage systems (BESS) cabinets. It designs, manufactures, and sells system solutions for the two types of wiring architectures used by the United States solar industry: homerun and combine-as-you-go. Its solar O&M product offering, Snapshot IV, monitors the specific voltage and current of individual solar panels and compares the results against the manufacturerâs claimed/projected performance. It is also engaged in providing e-mobility solutions.