The bad news for American solar energy companies, and the companies that supply them, got a little bit worse on Thursday when residential solar company Sunnova Energy International (NYSE: NOVA) stock tumbled 19% (through 12:45 p.m. ET) after reporting earnings last night.

Heading into the fourth quarter of 2023, analysts already weren't terribly optimistic about Sunnova's chances, forecasting an $0.18 per share loss on sales of $223.4 million. But the news was even worse than that. Sunnova reported only $194.2 million in revenue for Q4, and a loss of $1.53 per share.

Sunnova CEO William Berger described Sunnova's performance as "good," but it's hard to see how he came to that conclusion. Instead of growing as analysts had expected, Sunnova's Q4 sales contracted by about 1% year over year. The company's losses, meanwhile, ballooned by 750%.

Continue reading

Source Fool.com