Array Technologies

Array Technologies, Inc. manufactures ground-mounting systems used in solar energy projects. The company sells its products to engineering, procurement and construction firms that build solar energy projects and to large solar developers, independent power producers and utilities, master supply agreements or multi-year procurement contracts. It has offices in Europe, Central America, and Australia. The company's products include DuraTrack and SmarTrack. Array Technologies was founded by Ronald P. Corio in 1989 and is headquartered in Albuquerque, NM.

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Array Technologies (ARRY) surpasses expectations, eyes growth amid challenges

Array Technologies delivered a strong financial performance in Q4 and full-year 2022, exceeding revenue and EBITDA expectations.
The company anticipates continued growth in 2023, focusing on maintaining free cash flow and investing in new product development.
Challenges include uncertainties around market conditions and regulatory definitions, while opportunities lie in expanding into diverse markets and optimizing operations.
Overall, Array Technologies remains well-positioned for growth, supported by a dedicated team and strategic investments in innovation and efficiency.

Array Technologies reports strong Q1 earnings, eyes future solar growth

Array Technologies had a robust Q1 2023 despite order book reduction, showcasing operational improvements and cost efficiencies. Challenges include delays in order conversions and gross margin impact on Legacy Array side. The company is optimistic about future growth potential and well-prepared for upcoming solar adoption phases.

Array Technologies reports robust Q2 earnings, eyes sustainable growth

Array Technologies excelled in Q2 2023, showcasing strong financial performance and strategic initiatives. Despite short-term challenges, the company remains focused on innovation, cost efficiency, and market positioning for future growth.

Array Technologies reports resilient Q3 performance amidst project challenges

Array Technologies showcased solid performance in Q3 2023, maintaining profitability and free cash flow expectations despite challenges in project timing.
The company's strengths lie in its strong pipeline with long-term agreements, expansion plans, and continued investment in product development.
While facing challenges from project delays and market dynamics, Array Technologies sees opportunities in cost reduction, new product demand, and debt reduction strategies.

Array Technologies reports record 2023 performance, eyes market growth

Array Technologies delivered a strong performance in 2023, exceeding revenue guidance and doubling adjusted EBITDA.
While facing challenges such as project delays and supply chain issues, the company is focused on cost reductions and customer benefits.
With a positive outlook for the back half of the year, Array is well-positioned to capitalize on market opportunities and drive growth.

Array Technologies exceeds Q1 revenue expectations amidst industry challenges

Array Technologies delivered strong Q1 performance, surpassing revenue expectations and maintaining healthy margins and EBITDA.
While facing challenges like project delays and industry uncertainties, Array's strategic strengths in product offerings and customer engagement position it well for growth.
The company's focus on international expansion, new product designs, and operational efficiencies presents promising opportunities for future success.

Array Technologies excels in Q3, anticipates strong growth in 2025

Array Technologies anticipates growth in 2025, supported by a positive outlook and active engagement with customers to navigate market challenges. The financial guidance for 2024 includes record annual adjusted gross margin, reduced effective tax rate, and increased free cash flow guidance.

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ALBUQUERQUE, N.M., Dec. 06, 2023 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ: ARRY) (“Array” or “the Company”), a leading provider of tracker solutions and services for utility-scale solar energy projects, has named Jessica Lawrence-Vaca as senior vice president, policy and external affairs. Lawrence-Vaca will report directly to Array's CEO, Kevin G. Hostetler.

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Array Technologies announced mixed third-quarter results, beating on earnings but missing on revenue relative to Wall Street's expectations. Management blamed "near-term secular challenges," for weak shipment volume, but insists the company is executing well.

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Array Technologies, Inc. (NASDAQ:ARRY ) Q3 2023 Earnings Conference Call November 7, 2023 5:00 PM ET Company Participants Cody Mueller - IR Kevin Hostetler - CEO Nipul Patel - CFO Conference Call Participants Mark Strouse - JPMorgan Julien Dumoulin-Smith - Bank of America Donovan Schafer - Northland Capital Market Tristan Richardson - Scotiabank Jordan Levy - Trust Securities Brian Lee - Goldman Sachs Colin Rusch - Oppenheimer Joe Osha - Guggenheim Partners Jon Windham - UBS Tom Curran - Seaport Global Securities Philip Shen - ROTH MKM Sean Milligan - Janney Operator Greetings and welcome to Array Technologies' Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode.

Array Technologies, Inc. (ARRY) Q3 2023 Earnings Call Transcript

Third Quarter 2023 Highlights Revenue of $350.4 million(1) Net income to common shareholders of $10.1 million Adjusted EBITDA(2) of $57.4 million Basic and diluted net income per share of $0.07 Adjusted diluted net income per share( 2 ) of $0.21 Executed contracts and awarded orders at September 30, 2023 totaling $1.6 billion (1) Revenue results exclude the impact of a ($20.1) million Brazil value-added tax benefit, Imposto sobre Circulação de Mercadorias e Servicos (“ICMS”), that has been reclassified and included in cost of revenues in the current year. This reclassification was determined to be appropriate after we evaluated the expected treatment of governmental incentives for the 45X manufacturing credits under the Inflation Reduction Act, but has no impact on profitability or cash flow.

Array Technologies, Inc. Reports Financial Results for the Third Quarter 2023 – Continues strong operational execution; announced Chief Financial Officer transition

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ALBUQUERQUE, N.M., Nov. 03, 2023 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ: ARRY) (“Array” or “the Company”), a global leader in utility-scale solar tracking solutions, is thrilled to announce the launch of its comprehensive Field Services and Customer Training solutions. Designed to meet the ever-evolving demands of the solar industry, these offerings tackle key challenges facing the industry to help reduce operational downtime and increase productivity and quality in the field.

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Global solar company's New Bernalillo County campus solidifies relationship with New Mexico Global solar company's New Bernalillo County campus solidifies relationship with New Mexico

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In the latest trading session, Array Technologies, Inc. (ARRY) closed at $17.18, marking a +0.64% move from the previous day.

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Array Technologies, Inc. (ARRY) concluded the recent trading session at $18.37, signifying a +0.77% move from its prior day's close.

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Array Technologies, Inc.'s share price has declined slightly due to pessimism around renewable energy, but I believe this pessimism will be short-lived. The company specializes in solar tracking systems, such as the DuraTrack and SmarTrack systems, which enhance efficiency and productivity. Array Technologies has strong earnings with YoY revenue growth of 21% and positive free cash flow, making it an attractive investment opportunity.

Array Technologies: Short-Term Market Pessimism, Long-Term Buying Opportunity

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News for Array Technologies Stock (ARRY)