Solar energy company Array Technologies (ARRY) has reported impressive Q4 earnings results, beating adjusted earnings expectations and experiencing a surge in revenues by 83% year-over-year to $402M. The growth was driven by a strong closeout of the year, STI acquisition, and organic growth, leading to gross profit rising from $10.3M to $80.5M. Additionally, Array Technologies’ Q4 gross margin rose fourfold from 4.7% to 20%, driven by a higher percentage of higher-priced contracts and the STI addition. Total executed contracts and awarded orders at December 31, 2022, amounted to $1.9B. Array Technologies’ shares rose 5.8% in late Wednesday’s trading.
For FY 2023, Array Technologies expects adjusted earnings of $0.75-$0.85/share on revenues of $1.8B-$1.95B, with adjusted EBITDA of $240M-$265M. Array’s CEO, Kevin Hostetler, stated that the company is entering 2023 with a great deal of momentum, and their $1.9B order book is priced to support long-term sustainability of their high-10s-to-low-20s margin range. The company also produced a significant amount of cash flow in the second half of 2022, which strengthened its liquidity position and dramatically improved its leverage position. The company’s shares have risen by 3.5% so far this year and 48% during the past 12 months, indicating promising growth trends.
Array Technologies (ARRY), the solar energy company, has reported impressive Q4 earnings results, causing its shares to rise by 5.8% in late Wednesday’s trading. The company’s adjusted earnings beat expectations, and its Q4 revenues surged by 83% year-over-year to $402M. Additionally, its full-year results exceeded the midpoint of guidance. The growth in revenues was driven by a strong closeout of the year, and the acquisition of STI and organic growth, which led to Q4 gross profit surging from $10.3M to $80.5M in the prior year period. Q4 gross margin also rose fourfold, from 4.7% to 20%, due to a higher percentage of higher-priced contracts and the addition of STI.
Moreover, Array Technologies reported that total executed contracts and awarded orders on December 31, 2022, amounted to $1.9B. For FY 2023, the company expects adjusted earnings of $0.75-$0.85/share on revenues of $1.8B-$1.95B, with adjusted EBITDA of $240M-$265M. Array’s CEO Kevin Hostetler stated that the company is entering 2023 with a great deal of momentum, and their $1.9B order book is priced to support long-term sustainability of their high-10s-to-low-20s margin range. The company also produced a significant amount of cash flow in the second half of 2022, which strengthened its liquidity position and dramatically improved its leverage position.
Array Technologies’ shares, listed under the NASDAQ ticker symbol ARRY, have risen by 3.5% so far this year and 48% during the past 12 months. With these promising results, the company’s growth trajectory seems to be on an upward trend, which is reflected in its stock performance.
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