BUZZ-Fluence Energy plunges on weak results, grim outlook, analyst downgrades

Fluence Energy's FLNC.O shares plunge 48.3% to $6.76 after dour qtrly report

FLNC shares set for record daily pct decline, hit lowest since May 2022

Renewable energy storage provider late Mon posted fiscal Q1 loss of 32 cents/sh vs 14 cents/sh loss a year ago. Analysts on avg expected reported loss of 17 cents/sh, per LSEG

Rev in qtr fell 49% y/y to $186.8 mln, well below consensus of $380.3 mln

Arlington, Virginia-based firm lowered 2025 rev guidance to $3.1-$3.7 bln from $3.6-$4.4 bln, primarily due to timing of certain contracts in Australia now expected to be signed later this year

"We have experienced customer-driven delays in signing certain contracts that, coupled with competitive pressures, result in the need to lower our fiscal year 2025 outlook," CEO Julian Nebreda said in statement

Reacting to the news, BMO cuts rating to 'market perform' from 'outperform' and slashes PT from $22 to $10; Guggenheim double downgrades to 'sell' from 'buy' and hacks PT from $26 to Street-low $6

Of 23 analysts covering FLNC, recommendation breakdown is 15 "strong buy" or "buy", 7 "hold" and 1 "strong sell"; median PT is $23 - LSEG

FLNC shares lost a third of their value in 2024