Array Technologies, Inc. - ARRY STOCK NEWS

Array Technologies (NASDAQ: ARRY) has filed a Notification of Late Filing with the SEC and plans to file its Form 10-K for the fiscal year ended December 31, 2022, within a 15-day grace period. Preliminary unaudited financial results show expected revenues between $1.62 billion and $1.64 billion, with a net loss estimated at $40 million to $42 million. Adjusted EBITDA is projected between $126 million and $129 million, while free cash flow is expected to be $135 million to $137 million. For 2023, guidance is set for revenues of $1.8 billion to $1.95 billion, demonstrating year-over-year growth of over 15%.

Array Technologies (NASDAQ: ARRY) has secured a contract to supply solar trackers for the 130MWdc Glenrowan solar farm, the inaugural award under the Victorian Renewable Energy Tender 2 (VRET2). This initiative is projected to generate 920 jobs and attract $1.48 billion in new renewable energy investments in Victoria. As the first solar tracker company to establish local manufacturing in Australia, Array aims to bolster economic growth while expediting project timelines. CEO Kevin Hostetler emphasized the importance of locally sourced components in advancing Australia’s clean energy transition, aiming for 100% renewable electricity consumption by 2025.

Array Technologies (NASDAQ: ARRY) has appointed Neil Manning as its new Chief Operations Officer, bringing over 30 years of operations and commercial experience. Manning previously held leadership roles at Rotork and Velocitel, driving growth and operational excellence. His expertise includes formulating Aftermarket programs and implementing ESG strategies in the energy sector. CEO Kevin Hostetler expressed confidence in Manning's ability to enhance Array's integrated supply chain and customer-focused growth. Array Technologies specializes in utility-scale solar tracker technology and aims to support sustainable energy adoption globally.

Array Technologies (NASDAQ: ARRY) reported a record revenue of $515.0 million for Q3 2022, marking a 173% increase year-over-year. Net income was $28.6 million with earnings per share of $0.19. Adjusted EBITDA rose to $55.4 million, up from a loss of $3.9 million in the previous year. The company’s contracts and orders reached $1.8 billion, a 77% increase from last year. However, the company acknowledged uncertainty from the Inflation Reduction Act regarding revenue growth.

Array Technologies (NASDAQ: ARRY) announced the appointment of Tracy Jokinen to its Board of Directors, effective November 8, 2022. She replaces Ron Corio. Jokinen brings over 25 years of financial leadership experience, previously serving as CFO for significant companies like Vyaire Medical, Acelity, and G&K Services. Her expertise in accelerating growth aligns with Array's strategy. The Chairman of Array, Brad Forth, expressed confidence in her contributions to the Board. The company is a leading provider of solar tracking technology, enhancing energy production globally.

Array Technologies, Inc. (NASDAQ: ARRY) has secured a contract to supply its DuraTrack® solar trackers for a major renewable energy project in Ohio, with a capacity exceeding 750 megawatts (MWdc). The project, spanning nearly 4,500 acres, includes over 1.4 million solar modules and will generate sufficient clean energy to power 116,000 homes annually. This initiative reinforces Array's leadership in the solar industry and is expected to create construction jobs and boost local economic development, with operations slated for 2024.

Array Technologies, Inc. (Nasdaq: ARRY) will release its third quarter 2022 results after market close on November 8, 2022. A conference call is scheduled for 5:00 p.m. ET on the same day, accessible via phone or webcast. The replay will be available shortly after the call and until November 22, 2022. Array is a leading provider of utility-scale solar tracker technology, focusing on maximizing energy production with high-quality products designed for harsh conditions. For more information, visit their Investor Relations website.

Array Technologies, Inc. (NASDAQ: ARRY) has launched two new utility-scale solar tracker products, Array OmniTrack and Array STI H250, at the RE+ conference in Anaheim, California. These innovations aim to enhance project efficiency by reducing site preparation efforts and costs, capitalizing on the growing demand for solar solutions driven by the Inflation Reduction Act. The OmniTrack offers significant reductions in site grading, while the STI H250 serves irregular sites, supporting Array's commitment to deliver reliable and advanced solar technology.

Array Technologies (NASDAQ: ARRY) reported a 116% revenue increase for Q2 2022, totaling $424.9 million, driven by the acquisition of STI Norland. Adjusted EBITDA rose to $25.9 million, while net loss widened to $15.0 million or $0.10 per share. Gross profit grew 131% to $47.4 million, with a gross margin improvement to 11.1%. The company reaffirmed its 2022 guidance, projecting revenues between $1.30 billion and $1.50 billion. Total executed contracts reached $1.9 billion, marking a 110% increase year-over-year.