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Renewable Energy Stocks Q1 Teardown: Bloom Energy (NYSE:BE) Vs The Rest


Radek Strnad /
2024/07/11 7:14 am EDT

As the Q1 earnings season wraps, let's dig into this quarter's best and worst performers in the renewable energy industry, including Bloom Energy (NYSE:BE) and its peers.

Renewable energy companies are buoyed by the secular trend of green energy that is upending traditional power generation. Those who innovate and evolve with this dynamic market can win share while those who continue to rely on legacy technologies can see diminishing demand, which includes headwinds from increasing regulation against “dirty” energy. Additionally, these companies are at the whim of economic cycles, as interest rates can impact the willingness to invest in renewable energy projects.

The 9 renewable energy stocks we track reported a mixed Q1; on average, revenues missed analyst consensus estimates by 2%. Stocks, especially growth stocks where cash flows further in the future are more important to the story, had a good end of 2023. But the beginning of 2024 has seen more volatile stock performance due to mixed inflation data, and renewable energy stocks have held roughly steady amidst all this, with share prices up 2.3% on average since the previous earnings results.

Bloom Energy (NYSE:BE)

Working in stealth mode for eight years, Bloom Energy (NYSE:BE) designs, manufactures, and markets solid oxide fuel cell systems for on-site power generation.

Bloom Energy reported revenues of $235.3 million, down 14.5% year on year, falling short of analysts' expectations by 5.6%. It was a slower quarter for the company with a miss of analysts' earnings estimates.

Bloom Energy Total Revenue

The stock is up 9.1% since reporting and currently trades at $12.81.

Is now the time to buy Bloom Energy? Access our full analysis of the earnings results here, it's free.

Best Q1: EnerSys (NYSE:ENS)

Supplying batteries that power equipment as big as mining rigs, EnerSys (NYSE:ENS) manufactures various kinds of batteries for a range of industries.

EnerSys reported revenues of $910.7 million, down 8% year on year, outperforming analysts' expectations by 2%. It was a very strong quarter for the company with an impressive beat of analysts' volume estimates and a decent beat of analysts' earnings estimates.

EnerSys Total Revenue

The market seems content with the results as the stock is up 4.3% since reporting. It currently trades at $101.5.

Is now the time to buy EnerSys? Access our full analysis of the earnings results here, it's free.

Weakest Q1: Plug Power (NASDAQ:PLUG)

Powering forklifts for Walmart’s distribution centers, Plug Power (NASDAQ:PLUG) provides hydrogen fuel cells used to power electric motors.

Plug Power reported revenues of $120.3 million, down 42.8% year on year, falling short of analysts' expectations by 23.7%. It was a weak quarter for the company with a miss of analysts' earnings estimates.

Plug Power posted the weakest performance against analyst estimates and slowest revenue growth in the group. Interestingly, the stock is up 7.4% since the results and currently trades at $2.7.

Read our full analysis of Plug Power's results here.

Shoals (NASDAQ:SHLS)

Started in Huntsville, Alabama, Shoals (NASDAQ:SHLS) designs and manufactures products that make solar energy systems work more efficiently.

Shoals reported revenues of $90.81 million, down 13.6% year on year, falling short of analysts' expectations by 3.7%. Looking more broadly, it was a mixed quarter for the company with an impressive beat of analysts' earnings estimates.

The stock is down 28.1% since reporting and currently trades at $6.31.

Read our full, actionable report on Shoals here, it's free.

Sunrun (NASDAQ:RUN)

Helping homeowners use solar energy to power their homes, Sunrun (NASDAQ:RUN) provides residential solar electricity, specializing in panel installation and leasing services.

Sunrun reported revenues of $458.2 million, down 22.3% year on year, falling short of analysts' expectations by 3%. Looking more broadly, it was a mixed quarter for the company with an impressive beat of analysts' earnings estimates.

The company added 24,038 customers to reach a total of 957,313. The stock is up 21.1% since reporting and currently trades at $13.95.

Read our full, actionable report on Sunrun here, it's free.

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