AMPS - Why Altus Power Stock Dropped Today
2023-11-13 16:31:53 ET
Shares of Altus Power (NYSE: AMPS) fell 11.4% on Monday after the clean electric provider announced weaker-than-expected quarterly results.
Still, Altus' results looked good at a glance; third-quarter revenue climbed 48% year over year, to $45.1 million, helping the company swing to generally accepted accounting principles ( GAAP ) net income of $6.8 million, or $0.03 per share (compared to a loss of $97 million, or $0.63 per share in the same year-ago period). Even so, most analysts were modeling significantly higher earnings of $0.08 per share on revenue of $52.4 million.
Altus Power co-CEO Gregg Felton noted the company delivered record adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) growth (up 50% year over year to $29.1 million) and operating cash flow (up 82% to $23.6 million), even amid "challenging market conditions that are affecting large portions of our industry."
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Why Altus Power Stock Dropped Today