Shares of Solaris Energy Infrastructure, Inc. (SEI) plummeted 7.82% in pre-market trading on Wednesday, following the release of the company's fourth-quarter financial results.
The sharp decline comes despite the company reporting adjusted earnings and revenue that exceeded analyst expectations. Solaris posted adjusted earnings of $0.35 per share for the quarter, beating the consensus estimate of $0.27. Revenue surged 86.6% year-over-year to $179.7 million, also above forecasts.
However, investors reacted negatively to the company's reported GAAP figures, which showed a quarterly loss of $1.66 million and a loss per share of $0.04. The market sentiment was further dampened by data showing that the mean earnings estimate had fallen by approximately 2.2% over the last three months, with two analysts issuing negative revisions in the past 30 days.
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