Array Technologies Inc ARRY shares are down after the company reported its second-quarter financial results Thursday. Here's a look at the details from the report.
The Details: Array Technologies reported quarterly earnings of 20 cents per share, which beat the analyst consensus estimate of 11 cents by 81.82%.
Quarterly sales came in at $255.766 million which beat the analyst consensus estimate of $231.615 million by 10.43% and is a 49.63% decrease in sales from the same period last year.
The company reported an adjusted gross margin of 35% in the second quarter. Total executed contracts and awarded orders were $2 billion and new bookings for the quarter were $429 million.
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“We finished the second quarter with strong performance and execution and are pleased with the continued demand we’re seeing in our high-probability pipeline,” said Kevin Hostetler, CEO of Array Technologies.
“Our orderbook remains healthy at over $2 billion and we’re encouraged by our customers’ interest in our portfolio of products and services and the longer-term tailwinds supporting utility-scale solar as one of the lowest-cost options to satisfy rapidly growing energy needs.”
Outlook: Array Technologies lowered its fiscal year outlook to earnings of between 64 cents and 74 cents, versus the $1,08 estimate, and full-year sales to a range of $900 million to $1 billion, versus the $1.3 billion estimate.
ARRY Price Action: According to Benzinga Pro, Array Technologies shares are down 9.90% after-hours at $8.10 at the time of publication Thursday.
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