This Solar Play Just Got A Big Earnings + Election Boost

Array Technologies ARRY went public in October and has seen its shares rise as the solar energy market hits a bull market on a potential Joe Biden win in the 2020 election.

Shares are up 14% to $44.94 on Friday and hit a new all-time high of $48.88 earlier in the morning.

Q3 Earnings: Array reported third-quarter revenue of $139.5 million. Adjusted earnings per share was 7 cents in the third quarter.

The company’s nine-month revenue has grown 64% year-over-year to $692.1 million.

Array provided guidance for the full fiscal year, where it sees revenue hitting a range of $845 million to $865 million.

The guidance from the company implies fourth-quarter revenue to come in a range of $152.9 million to $172.9 million.

“We are also in the process of evaluating several potential acquisition targets that could meaningfully expand our total addressable market,” said CEO Jim Fusaro.

Related Link: 30 Stocks And ETFs To Watch After 2020 Election Day

Increased Backlog: The company highlighted its backlog on the earnings call and also said it was seeing results from its international expansion efforts: "We had $703 million of executed contracts and awarded orders at the end of the quarter, which represented a 31% increase versus the same time last year."

The company also said customer activity has increased since the end of the quarter.

Election Trade: Array Technologies was highlighted as a trade idea based on a Joe Biden win in the 2020 election during Benzinga’s election coverage.

The stock is one of several energy companies highlighted by Benzinga that could be winners under a new president. Shares are up 20% since Election Day and were up over 30% when new highs were hit Friday morning.

Benzinga’s Take: Array is one of the leading manufacturers of ground-mounting systems used in the solar energy market.

Trackers generate 25% more energy and lower costs 22% compared to fixed-tilt mounting systems by moving solar panels throughout the day.

The company owns a patent on its tracker design, which allows one motor to drive multiple rows of solar panels. Competitors have to use one motor for each row.