Array Technology rallies on bullish outlook, solid earnings beat: Q2

Aug. 10, 2022 8:12 AM ETArray Technologies, Inc. (ARRY)By: Shweta Agarwal, SA News Editor2 Comments

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  • Array Technology (NASDAQ:ARRY) shares move higher pre-market after the company reported easy beat on both lines in its second quarter earnings results.
  • Revenue of $424.9M (+116.2% Y/Y) beats by $87.97M, primarily driven by the acquisition of STI Norland which contributed revenue of $72.7M.
  • The clean energy company reported 79% organic growth in its legacy Array business.
  • Gross profit rose 131% to $47.4M with gross margin of 11.1%
  • Adjusted EBITDA increased to $25.9M, compared to $9.9M for the prior-year period.
  • Non-GAAP EPS of $0.09 beat consensus by $0.07.
  • Total executed contracts and awarded orders at June 30, 2022 were $1.9B, with $1.5B from our Array Legacy Operations segment and $0.4B from STI Norland.
  • "The executive order means that we believe the approximately $240.0 million of projects we previously identified as at risk are now expected to move forward. While we don’t expect the majority of these projects will get delivered in 2022 due to lead times, it is important that this demand is now solidified. Additionally, the Inflation Reduction Act, when passed, provides meaningful clarity on the long-term incentive structure for the solar industry, including investments that aim to tackle climate change," commented CEO Kevin Hostetler.
  • Reaffirms FY 2022 Guidance: Revenue to be in the range of $1.3-$1.5B vs. consensus of $1.45B; Adjusted EBITDA between $120-$140M; and Adjusted Non-GAAP EPS of $0.25-$0.35.
  • ARRY stock is up 12% in premarket trading, Wednesday, vs. 52-week range of $5.46 to $27.67.

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