Array Technologies(US:ARRY)2024-02-28 05:38Financial Performance Highlights - Full year 2023 revenue was $1576.6 million, a decrease of $60.9 million compared to $1637.5 million in 2022[8,15] - Full year 2023 gross margin was 26.4%, an increase of 1340 bps from 13.0% in 2022[8,15] - Full year 2023 adjusted gross margin was 27.3%, an increase of 1300 bps from 14.3% in 2022[8,15] - Full year 2023 adjusted EBITDA was $288.1 million, an increase of $159.4 million compared to $128.7 million in 2022[8,15] - Full year 2023 free cash flow increased to $215.0 million, a 64% increase year-over-year[8] - Q4 2023 revenue was $341.6 million, a decrease of $60.5 million compared to $402.1 million in Q4 2022[8,14] - Q4 2023 gross margin was 24.7%, an increase of 560 bps from 19.1% in Q4 2022[8,14] - Q4 2023 adjusted gross margin increased to 25.7% from 20.5%[14] - Q4 2023 adjusted EBITDA was $48.2 million, compared to $51.7 million in the prior year period[14] Guidance - The company expects full year 2024 revenue to be between $1.25 billion and $1.40 billion[16] - The company expects full year 2024 adjusted EBITDA to be between $285 million and $315 million[16] - The company expects full year 2024 adjusted net income per common share to be between $1.00 and $1.15[16]