Altus Power Shares Drop 8% After Outlook Disappoints

Dow Jones03-15

Shares of Altus Power fell late Thursday after the company's 2024 outlook came in below expectations.

The stock was down 7.7%, to $5.48, in after-hours trading, following a 0.7% drop at Thursday's close.

The Stamford, Conn.-based solar company said it expects operating revenue of $200 million to $222 million in 2024, compared with the $227.1 million expected by analysts.

Altus also guided for adjusted earnings before interest, tax, depreciation and amortization, or adjusted Ebitda, of $115 million to $135 million. Analysts polled by FactSet expect adjusted Ebitda of $139.6 million in 2024.

Revenue increased 28%, to $34.2 million, in the fourth quarter, largely due to higher power generation from a growing customer base. Analysts expected $43.8 million in revenue.

Altus Power posted a loss of $27.1 million, or 17 cents a share, in the quarter ended Dec. 31, compared with a profit of $67.9 million, or 42 cents a share, a year earlier.

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