Array Technologies, Inc. (ARRY) Tops Q1 Earnings Estimates

Company Performance - Array Technologies, Inc. reported quarterly earnings of $0.06 per share, exceeding the Zacks Consensus Estimate of a loss of $0.04 per share, but down from $0.25 per share a year ago, representing an earnings surprise of 250% [1] - The company posted revenues of $153.4 million for the quarter ended March 2024, missing the Zacks Consensus Estimate by 2.57%, and down from $376.77 million year-over-year [1] - Over the last four quarters, Array Technologies has surpassed consensus EPS estimates four times and topped consensus revenue estimates two times [1] Stock Performance - Array Technologies shares have declined approximately 25.5% since the beginning of the year, contrasting with the S&P 500's gain of 8.8% [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.21 on revenues of $304.99 million, and for the current fiscal year, it is $1.08 on revenues of $1.33 billion [4] - The estimate revisions trend for Array Technologies is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [4] Industry Context - The solar industry, to which Array Technologies belongs, is currently ranked in the bottom 29% of over 250 Zacks industries, which may negatively impact stock performance [5] - Nextracker, another company in the solar industry, is expected to report quarterly earnings of $0.59 per share, reflecting a year-over-year change of +181%, with revenues anticipated to be $681.03 million, up 31.4% from the previous year [5][6]