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Shares of Fluence Energy (FLNC 26.34%) rocketed nearly 29% by 10:30 a.m. ET on Tuesday. Powering the energy storage company’s stock surge was its fourth-quarter report.
Fluence Energy delivered the highest revenue in its history during the fourth quarter. The energy storage company recorded $442 million of revenue in the quarter, up 85% from the third quarter. That pushed its full-year revenue to a record $1.2 billion, up 76% from the prior full-year period. The company also achieved a positive gross profit in the fourth quarter.
The company also saw strong order intake in the quarter at $560 million, driven by the world’s largest storage-as-transmission project in Germany. That boosted its total order backlog to $2.2 billion.
This backlog gives the company lots of visibility into its 2023 fiscal year. That led it to initiate revenue guidance in the range of $1.4 billion to $1.7 billion. The company also sees its adjusted gross profit coming in between $60 million and $100 million.
Meanwhile, the company’s management team outlined five strategic objectives:
Fluence Energy’s management team set these strategic objectives to maintain their focus on increasing value for shareholders.
Fluence Energy believes demand for its energy storage solutions will increase in the coming years. Powering this view are the impact of incentives offered by the recently passed Inflation Reduction Act and the energy crisis in Europe.
Those catalysts, combined with the company’s strategic objectives, drive Fluence Energy’s belief it can continue to grow shareholder value. That makes it a potentially compelling option for investors seeking exposure to the fast-growing energy storage sector.
Matthew DiLallo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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