Fluence Energy Reports Third Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Fluence Energy Reports Third Quarter 2024 Financial Results
Fluence Energy, Inc. Reports Financial Results for the Third Quarter Ending June 30, 2024
Fluence Energy, Inc. released its financial results for the third quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | Year-over-Year Change | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $471 million | $524 million | -10% | $423.01 million |
| Earnings Per Share (EPS) | $0.27 | $(2.95) | 109% | -$0.13 |
The company reported a total revenue of $471 million for the quarter, experiencing a 10% decline year-over-year. Despite the decline in revenue, the company reported EPS of $0.27, marking a significant improvement compared to the negative EPS of $(2.95) in the same quarter of the previous year. These results surpassed the consensus estimates, which predicted $423.01 million in revenue and an EPS of -$0.13.
The key driver behind the improved EPS despite the revenue decline was operational efficiency and portfolio improvements for Gen6 solutions projects, which contributed to a net positive impact on gross margins.
Revenue Breakdown by Segment
| Segment | Q3 2024 Revenue | Q3 2023 Revenue | Change |
|---|---|---|---|
| Energy Storage Products | $439.32 million | $497.02 million | -12% |
| Services | $31.68 million | $27 million | 17% |
Revenue from energy storage products showed a 12% decline, while the services segment demonstrated growth of 17%, reflecting new contracts and expanded service offerings.
Stock Price Movement After Earnings Release
Following the earnings release, Fluence Energy's stock price experienced a decline of approximately 3.62%.
Overall, Fluence Energy's third-quarter financial performance indicates improved profitability and effective management of operational costs, even though the revenue experienced a moderate decline. The company continues to foster growth in its services segment while streamlining the efficiency of its energy storage products.
