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Why Sunnova Energy Stock Is Heating Up After Hours

Sunnova Energy International Inc (NYSE: NOVA) shares are trading higher in Wednesday's after-hours session after the company reported strong top-line financial results and reaffirmed guidance.

Benzinga · 07/27/2022 17:39

Sunnova Energy International Inc (NYSE:NOVA) shares are trading higher in Wednesday's after-hours session after the company reported strong top-line financial results and reaffirmed guidance.

Sunnova reported second-quarter revenue of $147 million, which easily beat the estimate of $87.4 million, according to data from Benzinga Pro. Second-quarter revenue was up significantly from $80.5 million in the prior year's quarter.

"This increase was primarily the result of an increased number of solar energy systems in service and an increase in inventory sales revenue from the sale of inventory to our dealers, which began in April," the company said.

Sunnova reported a quarterly earnings loss of $0.32 per share, which missed the estimate for a loss of $0.20 per share.

The company said it added 17,300 customers in the second quarter, bringing its total customer count to 225,000 as of June 30. Sunnova reaffirmed its full-year guidance for customer additions between 85,000 and 89,000. 

The company also reaffirmed full-year adjusted EBITDA guidance of $117 million to $137 million. 

See Also: Etsy Shares Soar After Q2 Results Beat, Upbeat Q3 Outlook

NOVA Price Action: Sunnova has a 52-week high of $29.25 and a 52-week low of $12.47.

The stock was up 11.3% at $21.60 at the time of publication.

Photo: schropferoval from Pixabay.