Array Technologies Inc：下调2024财年指引；2025财年实现两位数收入增长

Investment Rating - The report has downgraded the fiscal year 2024 guidance for Array Technologies, maintaining a revenue guidance of $900 million to$ 920 million, which is below the consensus of $958 million [2][3] Core Insights - Array Technologies reported a slight improvement in adjusted EBITDA due to robust cost management, despite a negative market reaction expected for Q2 2024 performance [2] - The company expressed confidence in achieving double-digit revenue growth in fiscal year 2025, while reiterating concerns regarding licensing, interconnection, and project delays [2][3] Summary by Sections Fiscal Year 2024 Guidance - The company has slightly lowered its fiscal year 2024 revenue guidance to$ 900 million - $920 million, with adjusted EBITDA guidance of$ 170 million - $180 million, and adjusted EPS guidance of$ 0.60 - $0.65, maintaining a gross margin guidance of 34% [2][3] Performance Analysis - For Q3 2024, Array reported revenues of$ 231 million, a 10% decrease quarter-over-quarter and a 34% decrease year-over-year, with a gross profit margin of 34% [5] - The company highlighted a healthy order backlog of $2 billion, with 80% of orders expected to be delivered by the end of fiscal year 2025 [3] Cost Management - Array Technologies demonstrated strong cost management, achieving a gross margin of 35.4% in Q3 2024, up from 33.6% in Q2 2024 [3][5] - The company reported a non-cash goodwill impairment of$ 162 million related to the STI transaction [3]