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Array Technologies, Inc. (NASDAQ: ARRY) stands as the global leader in solar tracking, boasting over 9 gigawatts of operational capacity and nearly three decades of industry experience. Based in Albuquerque, New Mexico, Array Technologies specializes in manufacturing ground-mounting systems for solar energy projects worldwide. The company's flagship single-axis tracker integrates steel supports, electric motors, gearboxes, and electronic controllers to optimize solar panel orientation throughout the day, thereby maximizing energy production.
Array Technologies is dedicated to delivering robust, reliable, and innovative solar tracking solutions that promise the lowest cost of ownership. Their products feature engineered simplicity, ensuring efficient installation and high reliability. The company serves various international markets, including the United States, Australia, Spain, Brazil, and numerous other regions, with the U.S. contributing the majority of its revenue.
Recent achievements highlight Array Technologies' commitment to expanding its global footprint and advancing renewable energy. Notably, the company has formed a strategic partnership with Aluminum Products Company (ALUPCO®) to support renewable energy projects in the Middle East. This collaboration is expected to facilitate the growth of solar capacity in the region, contributing to Saudi Arabia's Vision 2030 initiative aimed at achieving 130 gigawatts of renewable energy by 2030.
Array Technologies continues to innovate, evidenced by the introduction of their Hail Alert Response system. This technology employs advanced weather prediction algorithms to preemptively stow solar trackers approximately 30 minutes before a predicted hail event, safeguarding solar assets and enhancing their longevity.
The company recently announced its Fourth Quarter and Full Year 2023 financial highlights, showcasing its robust financial health and strategic growth. With ongoing investments in technology and a commitment to sustainable energy, Array Technologies is poised to maintain its leadership in the solar tracking market.
Array Technologies reported a revenue of $245.9 million for Q1 2021, representing a 44% decline from $437.7 million in Q1 2020 due to a decrease in ITC safe harbor shipments. Net income dropped to $2.9 million from $73.7 million, with earnings per share falling to $0.02. Adjusted EBITDA decreased by 69% to $34.5 million. Although demand for products is at an all-time high, increased logistics and raw material costs from steel and freight are expected to impact margins. The company is taking measures to mitigate these costs.
Array Technologies (NASDAQ: ARRY) has partnered with Nucor Corporation to secure steel supplies for solar energy projects. This agreement involves Nucor producing key components for Array's solar tracking systems and collaborating on future innovations. Nucor, a leading recycler of steel in the U.S., processes around 20 million tons of scrap annually. This partnership aligns with Array's mission to reduce installation time and costs using sustainably sourced materials. Both companies emphasize their commitment to a clean energy future.
Array Technologies (NASDAQ: ARRY) announced the appointment of Jayanthi “Jay” Iyengar to its Board of Directors, effective May 10, 2021, replacing Peter Jonna. Jay brings over 30 years of technology experience from industries including automotive and aerospace, having previously served as Chief Technology Officer at CNH Industrial. The leadership change is seen as a strategic move to enhance product innovation as Array continues to pursue its growth strategy in the solar energy sector. The Board expressed gratitude for Jonna's contributions over the past five years.
Array Technologies (NASDAQ: ARRY) has secured a significant contract with Primoris Services Corporation for up to 4GW of solar trackers, including a firm order for 2.5GW of DuraTrack® HZ v3 trackers. This agreement expands on previous purchases and highlights Array's competitive edge in installation efficiency. Shipments are expected to begin in June 2021, contributing to solar energy advancements in North America. Array's commitment to innovation is positioned to reduce labor costs and enhance project delivery for EPC customers.
Array Technologies, Inc. (Nasdaq: ARRY) will release its first quarter 2021 results after market close on May 11, 2021. The company will host a conference call at 5:00 p.m. ET the same day, accessible via phone or a live webcast. The call can be replayed for a limited time. Array is a leading provider of tracker solutions for utility-scale solar projects, emphasizing efficient installation and performance to lower energy costs. The company is headquartered in the U.S. and has a strong international presence.
On March 23, 2021, Array Technologies announced the completion of a secondary offering of 35,475,457 shares of common stock by a stockholder affiliated with Oaktree Capital at $28.00 per share. The offering included an additional 4,420,486 shares from the underwriters' option. Importantly, the Company did not benefit from the proceeds. Goldman Sachs & Co. LLC and J.P. Morgan served as the joint book-running managers for the offering. The registration statement was approved by the SEC on March 18, 2021, with details available on their website.
On March 18, 2021, Array Technologies (NASDAQ: ARRY) announced the pricing of a secondary stock offering by a stockholder controlled by Oaktree Capital. A total of 31,054,971 shares will be sold at $28.00 each, with an option for underwriters to buy an additional 4,420,486 shares within 30 days. The offering will close on March 23, 2021, subject to customary conditions. Array Technologies will not receive any proceeds from this sale, and major firms like Goldman Sachs and J.P. Morgan are managing the offering.
Array Technologies (NASDAQ: ARRY) announced that a stockholder controlled by Oaktree Capital will initiate an underwritten public offering of 31,054,971 shares of its common stock, with an option for underwriters to purchase an additional 4,420,486 shares. The company will not receive any proceeds from this offering. As of January 31, 2021, Array reported $774.9 million in executed contracts and awarded orders for tracker systems, expecting to recognize $693.2 million in revenue over the next twelve months. This press release also includes forward-looking statements regarding the company's projections.
Array Technologies (Nasdaq: ARRY) reported a Q4 2020 revenue of $180.6 million, down 20% year-over-year, with a net loss of $9.8 million compared to a net income of $26.8 million in Q4 2019. For the full year, revenues rose 35% to $872.7 million, yielding a net income of $59.1 million. The company anticipates 2021 revenues between $1,025 million and $1,125 million, driven by strong demand for solar energy and a favorable tax credit environment.
Adjusted EBITDA for Q4 decreased 60% to $20 million, with future growth strategies centered on U.S. market share expansion and international sales.
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