Array Technologies Stock Heats Up On Q1 Earnings As Momentum From Q4 Continues Into New Year
Portfolio Pulse from Adam Eckert
Array Technologies Inc (NASDAQ:ARRY) reported Q1 earnings with revenue of $153.4 million, surpassing estimates of $140.106 million, and an adjusted EPS of 6 cents. The company highlighted strong demand with $400 million in bookings for Q1 and a total order book of $2.1 billion. Gross margin stood at 35.9%, with an adjusted figure of 38.3%. Array expects Q2 revenue between $225 million and $235 million and reaffirmed its full-year revenue forecast of $1.25 billion to $1.4 billion, with adjusted net income per share between $1 and $1.15. Shares rose 8.31% after hours to $13.55.

May 09, 2024 | 9:03 pm
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Array Technologies reported higher than expected Q1 revenue and adjusted EPS, with significant bookings and a strong order book. The company provided positive Q2 and full-year revenue guidance.
The positive earnings report and strong forward guidance indicate a robust demand for Array Technologies' products and services, likely leading to investor optimism and a potential increase in stock price in the short term.
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