From GlobeNewswire: 2025-01-28 17:00:00

Provident Financial Services, Inc. reported a net income of $48.5 million for the three months ended December 31, 2024, reflecting the impact of the merger with Lakeland Bancorp, Inc. Transaction costs related to the merger totaled $20.2 million for the quarter, with annualized adjusted returns on average assets increasing to 1.05%. Wealth management and insurance agency income also saw increases. Asset quality improved, with non-performing loans and assets decreasing. Total deposits increased to $18.62 billion as of December 31, 2024. The Company’s loan pipeline totaled $1.79 billion with a weighted average interest rate of 6.91%. The Board of Directors declared a quarterly cash dividend of $0.24 per common share payable on February 28, 2025. Nextracker’s shares surged in extended trading after reporting strong Q3 results. Revenue of $679 million beat estimates, with adjusted EPS rising to $1.03. Backlog is at a record high, prompting increased profit outlook. Management is optimistic about future demand and navigating potential hurdles. Shares jumped over 16% after hours.

Nextracker’s Q3 results exceeded expectations, with sales and earnings beating estimates. Adjusted EBITDA margins were impressive, driving better-than-expected cash flow. The company raised its full-year outlook, citing a backlog of over $4.5 billion. Demand remains strong in key markets, with 87% of the backlog expected to be realized in the next eight quarters.

Nextracker’s strong management team is seen as a key asset, driving the company’s success. The company’s differentiated products are attracting customers, with a focus on domestic content. The flight to quality trend is benefiting Nextracker, leading to growing demand. Reaffirmed fiscal 2025 revenue guidance, with increased profit outlook, reflects management’s confidence.

The Annual Meeting of Stockholders for Nextracker is set for April 24, 2025. Net income for Q4 was $48.5 million, with a $7.8 million provision for credit losses on loans. Non-interest income decreased slightly, while non-interest expense saw a decrease as well. The efficiency ratio improved, reflecting cost management efforts. Nextracker’s shares soared after reporting a top and bottom line beat for fiscal Q3, with revenue of $679M, up 7.3% in EPS. The company’s record backlog and increased full-year outlook impressed investors, leading to a 16% after-hours jump to $46.20 per share. Nextracker’s strong management team and positive future outlook contribute to its success.

Nextracker’s success is attributed to its winning larger projects both domestically and internationally, as well as its ability to navigate challenges like tariffs and supply chain disruptions. The company’s record backlog, now over $4.5B, reflects robust demand globally. Nextracker’s differentiated products and strong relationships position it well for continued growth.

Nextracker’s fiscal 2025 guidance includes revenue of $2.8-$2.9B, adjusted EBITDA of $700-$740M, and adjusted EPS of $3.75-$3.95. The company’s strong performance and leadership efficiency resulted in increased profitability outlook despite uncertainties in U.S. policies under the new administration. Nextracker’s strategies and market position bode well for future success.

For the three months ended December 31, 2024, Nextracker reported an effective tax rate of 22.6% and net income of $48.5M, reflecting the impact of its merger with Lakeland. The company’s net interest income increased to $181.7M, driven by assets acquired from Lakeland and favorable loan repricing. Nextracker’s provision for credit losses increased due to economic factors and loan expansion.

Non-interest income reached $24.2M, with fee income rising due to the Lakeland merger. Non-interest expense totaled $134.3M, with increases in compensation, merger-related expenses, and amortization of intangibles attributed to the Lakeland acquisition. Despite challenges, Nextracker’s strong financials and strategic decisions position it for continued growth. Nextracker’s shares surged after a solid third quarter, with revenue at $679 million and adjusted earnings per share at $1.03, beating estimates. The company raised its full-year outlook and reported a record backlog, resulting in a 16% jump in share price. With a strong management team and positive future outlook, Nextracker is poised for success.

Income tax expense for the quarter ended December 31, 2024, was $14.2 million, with an effective tax rate of 22.6%, compared to $12.5 million and 31.3% for the same period in 2023. Net interest income for the year ended December 31, 2024, increased to $600.6 million from $399.5 million in 2023, with a net interest margin of 3.26%. Non-interest income rose to $94.1 million for the year, an increase of $14.3 million from 2023. Nextracker’s shares soared in extended trading after reporting a top and bottom line beat in its fiscal third quarter. Revenue for the quarter was $679 million, exceeding the consensus estimate of $651 million. Adjusted EPS was $1.03, surpassing the 59-cent estimate. Management raised full-year profitability outlook with a record backlog of over $4.5 billion.

The company’s strong performance is attributed to winning larger projects in the U.S. and abroad, leading to a 16% surge in share price. Management is navigating potential hurdles like tariffs and supply chain issues. Nextracker’s future looks promising with strong demand in all key regions, resulting in a record backlog of projects.

Nextracker’s success is also due to its industry-leading tracking technology for solar panels. It differentiates itself from competitors with a focus on domestic content, making its products more attractive to customers. Management remains confident in navigating potential tariffs, boasting strong relationships with U.S. steel mills and a diverse international supply chain. Nextracker’s shares soared in extended trading after reporting strong earnings for the fiscal third quarter. Revenue was $679 million, beating estimates, with adjusted EPS at $1.03. The company also raised its full-year outlook with a record backlog. Trump’s tariff plans and U.S. energy policies are factors to watch. Their success is attributed to strong management, record backlog, and demand for solar technology.

Provident Financial Services, Inc. reported an increase in total deposits, investment securities, and borrowed funds. Loan pipeline decreased slightly, but stockholders’ equity grew. The company’s subsidiaries offer a range of financial products and services. A conference call will be held to discuss the financial results for the quarter and year ended December 31, 2024.

The company issued forward-looking statements mentioning risks and uncertainties. Factors such as economic environment, competitive products and pricing, regulatory changes, interest rates, and the pending merger with Lakeland could impact financial performance. The company advises caution in relying too heavily on forward-looking statements, as factors can influence actual results. Shares of Nextracker surged in extended trading after the solar technology company reported strong fiscal Q3 results, including revenue of $679 million, a beat on earnings, and a record backlog. Management increased full-year profitability outlook. Nextracker’s stock price jumped more than 16%, reaching $46.20. The company’s future looks bright with solid demand and a strong management team.

Nextracker reported adjusted earnings per share of $1.03 for the quarter, up 7.3% year over year, beating estimates. Management raised full-year cash flow and earnings guidance, citing a record backlog exceeding $4.5 billion. The company’s differentiated products, strong relationships, and diverse supply chain position it well for future growth.

Nextracker’s success can be attributed to a “flight to quality,” as customers opt for the company’s proven technology, low cost, and high energy yield. The company is also benefitting from a trend towards more domestic content in solar projects. Nextracker reaffirmed its fiscal 2025 revenue guidance and increased profitability outlook, demonstrating efficient operations and strong leadership.

Provident Financial Services reported strong financials for Q4, with net interest income of $181.7 million and net income of $48.5 million. Total assets for the company stood at $24 billion, with total deposits of $18.6 billion. The company’s robust performance reflects its solid position in the financial sector.



Read more at GlobeNewswire:: Provident Financial Services, Inc. Announces Fourth Quarter