Renewable Energy Stocks Q2 In Review: American Superconductor (NASDAQ:AMSC) Vs Peers
Earnings results often indicate what direction a company will take in the months ahead. With Q2 behind us, let’s have a look at American Superconductor (NASDAQ:AMSC) and its peers.
Renewable energy companies are buoyed by the secular trend of green energy that is upending traditional power generation. Those who innovate and evolve with this dynamic market can win share while those who continue to rely on legacy technologies can see diminishing demand, which includes headwinds from increasing regulation against “dirty” energy. Additionally, these companies are at the whim of economic cycles, as interest rates can impact the willingness to invest in renewable energy projects.
The 15 renewable energy stocks we track reported a mixed Q2. As a group, revenues missed analysts’ consensus estimates by 2.2% while next quarter’s revenue guidance was 9.3% below.
Valuation multiples for many growth stocks have not yet reverted to their early 2021 highs, but the market was optimistic at the end of 2023 due to cooling inflation. This year has been a different story as mixed inflation signals have led to market volatility, and while some renewable energy stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.4% since the latest earnings results.
American Superconductor (NASDAQ:AMSC)
Founded in 1987, American Superconductor (NASDAQ:AMSC) has shifted from superconductor research to developing power systems, adapting to changing energy grid needs and naval technology requirements.
American Superconductor reported revenues of $40.29 million, up 33.2% year on year. This print exceeded analysts’ expectations by 2.4%. Overall, it was an exceptional quarter for the company with revenue guidance for next quarter exceeding analysts’ expectations.
"We are building a fundamentally stronger company and reporting another quarter of solid results to start our fiscal 2024. AMSC delivered over $3 million of operating cash flow, expanded gross margins and grew revenue by over 30% when compared to the same period last year,” said Daniel P. McGahn, Chairman, President and CEO, AMSC.
Interestingly, the stock is up 4.6% since reporting and currently trades at $21.54.
Best Q2: Sunrun (NASDAQ:RUN)
Helping homeowners use solar energy to power their homes, Sunrun (NASDAQ:RUN) provides residential solar electricity, specializing in panel installation and leasing services.
Sunrun reported revenues of $523.9 million, down 11.2% year on year, outperforming analysts’ expectations by 1.2%. The business had a stunning quarter with an impressive beat of analysts’ earnings estimates.
The market seems happy with the results as the stock is up 19.4% since reporting. It currently trades at $19.66.
Is now the time to buy Sunrun? Access our full analysis of the earnings results here, it’s free.
Weakest Q2: Blink Charging (NASDAQ:BLNK)
One of the first EV charging companies to go public, Blink Charging (NASDAQ:BLNK) is a manufacturer, owner, operator, and provider of electric vehicle charging equipment and networked EV charging services.
Blink Charging reported revenues of $33.26 million, up 1.3% year on year, falling short of analysts’ expectations by 14.5%. It was a disappointing quarter as it posted a miss of analysts’ operating margin and earnings estimates.
As expected, the stock is down 28.9% since the results and currently trades at $1.80.
Read our full analysis of Blink Charging’s results here.
TPI Composites (NASDAQ:TPIC)
Founded in 1968, TPI Composites (NASDAQ:TPIC) manufactures composite wind turbine blades and provides related precision molding and assembly systems.
TPI Composites reported revenues of $309.8 million, down 18.7% year on year. This result was in line with analysts’ expectations. More broadly, it was weak quarter with a miss of analysts’ operating margin and earnings estimates.
The stock is up 27.9% since reporting and currently trades at $4.40.
Read our full, actionable report on TPI Composites here, it’s free.
Bloom Energy (NYSE:BE)
Working in stealth mode for eight years, Bloom Energy (NYSE:BE) designs, manufactures, and markets solid oxide fuel cell systems for on-site power generation.
Bloom Energy reported revenues of $335.8 million, up 11.5% year on year. This print beat analysts’ expectations by 9.6%. It was a very strong quarter as it also produced an impressive beat of analysts’ operating margin estimates and full-year revenue guidance exceeding analysts’ expectations.
Bloom Energy achieved the highest full-year guidance raise among its peers. The stock is down 3.1% since reporting and currently trades at $10.48.
Read our full, actionable report on Bloom Energy here, it’s free.
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