August 8, 2024 Array Technologies, Inc. Reports Financial Results for the Second Quarter 2024 – Delivers strong results on continued gross margin strength Second Quarter 2024 Highlights • Revenue of $255.8 million • Gross Margin of 33.6% • Adjusted gross margin of 35.0% • Net income to common shareholders of $12.0 million • Adjusted EBITDA of $55.4 million • Basic and diluted net income per share of $0.08 • Adjusted diluted net income per share of $0.20 (1) (1) (1) ALBUQUERQUE, NM — (GLOBE NEWSWIRE) — Array ...

Second Quarter 2024 Highlights Revenue of $255.8 millionGross Margin of 33.6%Adjusted gross margin of 35.0%(1)Net income to common shareholders of $12.0 millionAdjusted EBITDA(1) of $55.4 millionBasic and diluted net income per share of $0.08Adjusted diluted net income per share(1) of $0.20 ALBUQUERQUE, N.M., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ: ARRY) (“Array” or the “Company”), a leading provider of tracker solutions and services for utility-scale solar energy projects, today annou ...

ALBUQUERQUE, N.M., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ:ARRY) ("Array" or the "Company"), a global leader in utility-scale solar tracking solutions, announced the launch of SkyLink, a revolutionary PV-powered wireless tracker system that builds on the capabilities of DuraTrack® and OmniTrack™️ offerings. Array DuraTrack with SkyLink™️ and Array OmniTrack with SkyLink™️ uphold the key benefits of Array trackers that our customers depend on with added flexibility and optimization. New ...

ALBUQUERQUE, N.M., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ: ARRY) (“Array” or the “Company”), a global leader in utility-scale solar tracking solutions, announced the launch of SkyLink, a revolutionary PV-powered wireless tracker system that builds on the capabilities of DuraTrack® and OmniTrack™️ offerings. Array DuraTrack with SkyLink™️ and Array OmniTrack with SkyLink™️ uphold the key benefits of Array trackers that our customers depend on with added flexibility and optimization. New ...

Array Technologies, Inc. (ARRY) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on August 8, 2024, might help the stock move higher if these key numbers are bette ...

Industry Overview - Solar stocks are gaining attention ahead of the 2024 election, with investors seeking policy measures to support solar adoption and stock performance [1] - The global solar power market is projected to reach $273 billion in 2024 and potentially grow to $436 billion by 2032, driven by low prices, technical innovations, and supportive government policies [1] - The Inflation Reduction Act provides a 30% federal tax credit for residential solar systems, retroactive to January 1, 2022, which has lowered installation costs and encouraged solar adoption [1] Company Highlights First Solar (FSLR) - First Solar reported an EPS of $3.25, exceeding projections of $2.69, with quarterly revenues of $1.01 billion, surpassing expectations of $941.5 million [3] - The company’s annual net income increased from $171 million to $349.4 million, and it has 75.9 gigawatts ordered through 2030 [3] - First Solar is building a $1.1 billion facility in Iberia Parish, aiming to boost U.S. production capacity to 14 GW and global capacity to 25 GW by 2026 [3] Brookfield Renewable Partners (BEP) - Brookfield Renewable has a consensus recommendation of "Strong Buy" with a price target of $31.42, indicating a potential upside of 32% from its current price of $23.66 [5] - The company reported quarterly sales of $875 million, exceeding projections of $828.39 million, despite a loss of $0.23 per share [5] - Brookfield is in discussions to acquire a controlling share in French renewable energy provider Neoen, valued at $9 billion, which will enhance its green energy portfolio [6] Array Technologies (ARRY) - Array Technologies has a price target of $17.66, suggesting a potential upside of 69% from its current price of $10.43 [7] - The company reported a profit of 6 cents per share, significantly higher than the expected loss of 2 cents, and achieved a record gross margin of 35.9% [7] - Array is involved in significant projects, including a 750 MWdc solar project in Ohio and a $50 million solar project in Albuquerque, New Mexico [8]

The most recent trading session ended with Array Technologies, Inc. (ARRY) standing at $11.22, reflecting a +0.54% shift from the previouse trading day's closing. The stock's performance was behind the S&P 500's daily gain of 1.11%. Elsewhere, the Dow gained 1.64%, while the tech-heavy Nasdaq added 1.03%.Coming into today, shares of the company had gained 5.28% in the past month. In that same time, the Oils-Energy sector lost 10.8%, while the S&P 500 lost 1.16%.The investment community will be closely monit ...

Company Performance - Array Technologies, Inc. (ARRY) closed at $10.52, reflecting a -1.68% change from the previous day, underperforming the S&P 500's loss of 0.71% [1] - Over the past month, shares of Array Technologies have decreased by 13.22%, which is worse than the Oils-Energy sector's loss of 8.42% and the S&P 500's gain of 1.08% [1] - The upcoming earnings report is scheduled for August 8, 2024, with projected EPS of $0.09, indicating an 80.85% decline year-over-year, and expected revenue of $230.45 million, representing a 54.61% decrease compared to the same quarter last year [1] Analyst Estimates - For the annual period, Zacks Consensus Estimates predict earnings of $1.08 per share and revenue of $1.31 billion, reflecting changes of -4.42% and -16.78% from the previous year [2] - Recent changes to analyst estimates are crucial as they reflect short-term business trends, with positive revisions indicating analysts' confidence in the company's performance [2] Valuation Metrics - Array Technologies has a Forward P/E ratio of 9.87, which is lower than the industry's average Forward P/E of 11.24, suggesting a valuation discount [3] - The company has a PEG ratio of 0.59, compared to the Solar industry's average PEG ratio of 0.46, indicating a favorable growth expectation relative to its price [3] Industry Context - The Solar industry, part of the Oils-Energy sector, currently holds a Zacks Industry Rank of 194, placing it in the bottom 24% of over 250 industries [4] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1, highlighting the competitive landscape within the industry [4]

Core Viewpoint - Array Technologies will release its second quarter 2024 results on August 8, 2024, after market close, followed by a conference call at 5:00 p.m. Eastern Time [1] Group 1: Earnings Release Details - The second quarter 2024 results will be announced after market close on August 8, 2024 [1] - A conference call will take place at 5:00 p.m. Eastern Time on the same day [1] - The conference call can be accessed via phone or through a webcast on the company's Investor Relations website [2] Group 2: Access Information - Domestic callers can dial (877)-869-3847, while international callers can use (201)-689-8261 to join the conference call [1] - A telephonic replay will be available approximately three hours after the call, accessible at (877)-660-6853 for domestic and (201)-612-7415 for international callers [1] - The passcode for both the live call and replay is 13747649, with the replay available until 11:59 p.m. ET on August 22, 2024 [1] Group 3: Company Overview - Array Technologies is a leading provider of utility-scale solar tracker technology, designed to maximize energy production [3] - The company focuses on delivering high-quality solar trackers and sophisticated software to support sustainable energy adoption [3] - Array Technologies relies on a diversified global supply chain and a customer-centric approach to support solar energy developments worldwide [3]

If you’re in limbo about which companies to invest in, maybe solar stocks should be your next stop. It’s never been a better time for the solar industry. This is due to one obvious reason: the current friendly regulatory environment for U.S.-based solar manufacturers. Recently, the Biden admin raised tariffs on solar cells from China — a move that will boost domestic production at home, cut down on reliance on foreign imports and allow American solar companies to thrive.The other rather unexpected reason is ...