Shoals Technologies Group, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 14, 2022 at 04:26 pm EST
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Shoals Technologies Group, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 90.82 million compared to USD 59.84 million a year ago. Net income was USD 7.96 million compared to USD 2.49 million a year ago. Basic earnings per share from continuing operations was USD 0.07 compared to USD 0.02 a year ago. Diluted earnings per share from continuing operations was USD 0.07 compared to USD 0.02 a year ago.
For the nine months, sales was USD 232.29 million compared to USD 165.17 million a year ago. Net income was USD 15 million compared to USD 4.19 million a year ago. Basic earnings per share from continuing operations was USD 0.13. Diluted earnings per share from continuing operations was USD 0.13.
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.