Array Technologies, Inc. - ARRY STOCK NEWS

Array Technologies, a leading provider of tracker solutions and services for utility-scale solar energy projects, announced the resignation of Chief Financial Officer, Kurt Wood, effective June 30, 2024.

Kurt Wood will step down to pursue other business interests but will remain as a consultant through September 30, 2024, to support the transition.

CEO Kevin G. Hostetler praised Wood's improvements in the finance organization, control framework, monthly close process, and cash collection processes.

Array Technologies has initiated a formal search for a new CFO.

Array Technologies (NASDAQ: ARRY) has appointed Neil Manning as president and chief operating officer. Manning, who joined Array in January 2023 as chief operations officer, will now oversee the company's international operations and assume full P&L responsibility. He will also lead geographic expansion and strategic initiatives. CEO Kevin G. Hostetler praised Manning's role in the company's success and noted the new reporting structure will allow executive team members to focus on priority areas. Manning expressed excitement about driving global expansion and innovative projects. Hostetler will engage more with industry associations and focus on customer, investor relations, and merger and acquisition opportunities.

Array Technologies, Inc. reported financial results for the first quarter of 2024, achieving record gross margin and $2.1 billion in executed contracts and awarded orders. With revenue of $153.4 million, gross margin of 35.9%, and adjusted gross margin of 38.3%, the company showcased strong performance. Despite a net loss to common shareholders of $11.3 million, the adjusted EBITDA was $26.2 million. The company's leadership emphasized the positive response to their products and strategic priorities. Array Technologies reaffirmed its full-year 2024 guidance, expecting revenue between $1,250 million to $1,400 million, adjusted EBITDA between $285 million to $315 million, and adjusted net income per share between $1.00 to $1.15.

Array Technologies and DNV Energy USA released a report on the energy impact of solar tracker wind stow strategies. The study confirms that Array's patented, safe, passive wind stow technology significantly enhances energy production, reducing losses to just 0.05%. This improvement surpasses active stow methods, boosting operational efficiency and reliability.

Array Technologies, a global leader in solar tracking technology, broke ground on a new $50+ million manufacturing facility in Bernalillo County, New Mexico. The facility will create over 300 jobs, strengthen the domestic solar supply chain, and drive American energy independence. With the support of federal legislation like the Inflation Reduction Act, Array is expanding its operations to meet the growing demand for clean energy solutions.

EPC Power, a leading U.S. provider of high-performance utility-scale smart inverters for the solar and storage industries, appoints Jim Fusaro as CEO. Fusaro brings over 30 years of experience in the solar, semiconductor, and advanced materials industries. Founder Devin Dilley remains as President and Chief Product Officer. EPC Power aims to expand its international customer base and enter new markets under Fusaro's leadership.

Array Technologies, Inc. announced the release date for its first quarter 2024 earnings and a conference call schedule. The results will be disclosed on May 9th, 2024, with a conference call at 5:00 p.m. (Eastern Time) on the same day. Investors can access the call via phone or webcast.

Array Technologies introduces Hail Alert Response system to protect solar trackers from hail damage, enhancing asset longevity and durability. The system utilizes advanced weather prediction algorithms to preemptively stow solar trackers, ensuring protection against potential damage. Key features include state-of-the-art forecasting, wide applicability, compatibility with existing systems, and secure communication. Array's CEO, Kevin G. Hostetler, emphasizes the company's commitment to innovation and customer value.

Array Technologies (ARRY) reported strong financial results for the fourth quarter and full year 2023, with revenue reaching $1.6 billion and net income of $85.5 million. The company's Adjusted EBITDA doubled to $288.1 million, while free cash flow stood at $215 million. Array also executed contracts and awarded orders totaling $1.8 billion by the end of 2023. The company provided guidance for 2024, expecting revenue between $1.25 billion to $1.4 billion, with a focus on adjusted gross margin growth and continued EBITDA margin growth.