Array Technologies Stock Heats Up On Q1 Earnings As Momentum From Q4 Continues Into New Year

Array Technologies Inc ARRY shares are trading higher in Thursday’s after-hours session on the heels of the company’s first-quarter financial results. Here’s a rundown of the report.

• Q1 Revenue: $153.4 million, versus estimates of $140.106 million

• Q1 EPS: Loss of 7 cents/ Adjusted EPS 6 cents

“We started 2024 off strong as the momentum observed in the fourth quarter of 2023 continued into the new year with approximately $400 million of bookings in the first quarter, demonstrating continued strong global demand for our products and services. Over the last four quarters we have cumulatively booked $1.8 billion of new business and our orderbook now stands at approximately $2.1 billion,” said Kevin Hostetler, CEO of Array Technologies. 

Gross margin was 35.9% in the quarter, while adjusted gross margin came in at 38.3%. Array reported adjusted EBITDA of $26.2 million in the first quarter.

Guidance: Array said it expects second-quarter revenue to be in the range of $225 million to $235 million.

“We continue to expect relatively flat volume on a full-year basis in 2024 with declining ASP’s when compared to 2023. Based on expected project timing, our revenue guidance is skewed towards the back half of 2024,” the company said.

Array reaffirmed its full-year forecast for revenue in the range of $1.25 billion to $1.4 billion. The solar company said it expects full-year adjusted net income per share to be between $1 and $1.15. Adjusted EBITDA is expected to be between $285 million and $315 million.

Management will hold a conference call to discuss these results at 5 p.m. ET.

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ARRY Price Action: Array shares were up 8.31% after hours at $13.55 at the time of writing, per Benzinga Pro.

Photo: Andreas from Pixabay.