Array Technologies, Inc. - ARRY STOCK NEWS

Array Technologies (NASDAQ: ARRY) has reached a monetary settlement to resolve a lawsuit with Nextracker, filed in 2017, concerning trade secret misappropriation and contract breaches. Acknowledging wrongful behavior, Nextracker admitted that an Array employee was wrongly hired and confidential information was improperly obtained. The trial was set to begin on July 18, 2022. Both parties expressed satisfaction with the settlement, which will remain confidential unless legally required to disclose. Array Technologies is a leading provider of solar tracker technology aimed at enhancing clean energy production.

Array Technologies, Inc. (NASDAQ: ARRY) will release its second quarter 2022 financial results after the market closes on August 9, 2022. Following this, a conference call is scheduled at 5:00 p.m. ET on the same day, accessible via phone or webcast. The domestic call-in number is (877) 451-6152, and international callers can dial (201) 389-0879. A replay of the call will be available shortly after and can be accessed until August 23, 2022. Array Technologies specializes in utility-scale solar tracking technology, supporting renewable energy initiatives globally.

Array Technologies (NASDAQ: ARRY) released its 2021 Environmental, Social and Governance (ESG) report, detailing significant advancements in sustainability. Key highlights include a 13% reduction in water usage and 12% increase in recycled aluminum volume. The company has set ambitious goals for 2025, such as delivering an additional 90,000 MW of solar power, reducing emissions intensity by 30%, and increasing workforce representation of women and minorities by 10%. Array's commitment to sustainability is further reinforced by its alignment with global ESG frameworks.

Array Technologies (NASDAQ: ARRY) announced Q1 2022 results with revenues of $300.6 million, marking a 21% increase year-over-year. The company reported a net loss of $33.7 million and adjusted EBITDA of $0.7 million. The gross margin fell to 8.8% due to rising material and logistics costs, particularly in its STI business. Executed contracts total $2.0 billion. For the year, revenue guidance was adjusted to $1.30 billion to $1.50 billion, citing a projected revenue loss of $225-$250 million due to external factors.

Array Technologies (NASDAQ: ARRY), a leading provider of solar tracker solutions, has announced its participation in multiple upcoming investor conferences. Key events include the Credit Suisse 2022 Renewables and Utilities Summit on May 12 in New York, the Cowen 2nd Annual Sustainability and Energy Transition Summit virtually on June 7, the UBS Utility and Clean Energy Summit on June 15 in Kiawah Island, SC, and the Roth 8th Annual London Conference on June 22-23 in London. Array aims to promote its innovative solar technology and commitment to sustainable energy.

Array Technologies (Nasdaq: ARRY) will report its first quarter 2022 results after market close on May 10, 2022. A conference call is scheduled for 5:00 p.m. ET, accessible via phone or a live webcast. The company specializes in utility-scale solar tracker technology, aimed at optimizing energy production in various conditions. Their commitment to customer-centric solutions and a diversified supply chain supports global solar energy developments. For further details, visit their Investor Relations page.

Array Technologies (NASDAQ: ARRY) expresses disappointment over the U.S. Department of Commerce's investigation regarding tariff circumvention on solar modules. The company argues the investigation undermines solar energy progress and could lead to supply-chain disruptions and price volatility. U.S. module suppliers are reportedly unable to meet the industry's growing demand, with many sold out through 2024. Array advocates for a swift conclusion to the inquiry to support the clean energy transition and calls for the rejection of what they deem an unfounded tariff petition.

Array Technologies (NASDAQ: ARRY) reported Q4 2021 revenue of $219.9 million, up 22% from the previous year, despite a net loss of $32.1 million. For FY 2021, revenue was $853.3 million, down 2%, with a net loss of $66.1 million. The results were affected by a $7 million revenue shift and increased material costs. However, executed contracts totaled a record $1.8 billion. Full year guidance for 2022 anticipates revenue between $1.45 billion and $1.75 billion.

Array Technologies has appointed Kevin Hostetler as the new Chief Executive Officer, effective April 18, 2022. This comes after the retirement announcement of outgoing CEO Jim Fusaro. Hostetler, previously CEO of Rotork, brings significant leadership experience and is expected to drive the company’s growth, focusing on strategic initiatives and the integration of STI Norland. Under his leadership, Array aims to enhance operational excellence and expand its market presence in the utility-scale solar energy sector.