Array Technologies Lowers FY24 Outlook: Adj EPS From $1.00-$1.15 To $0.64-$0.74 Vs $1.08 Estimate; Sales From $1.25B-$1.40B To $900M-$1.00B Vs $1.30B Estimate
Portfolio Pulse from Benzinga Newsdesk
Array Technologies has lowered its FY24 outlook, adjusting its EPS from $1.00-$1.15 to $0.64-$0.74 and sales from $1.25B-$1.40B to $900M-$1.00B. The company cites changes in expected customer project timing and declining ASP as reasons for the revised guidance.
August 08, 2024 | 8:42 pm
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NEGATIVE IMPACT
Array Technologies has revised its FY24 guidance, lowering its EPS and sales estimates due to changes in customer project timing and declining ASP. This is likely to negatively impact the stock price in the short term.
The significant reduction in EPS and sales guidance indicates potential challenges in the company's operations and market conditions. This is likely to lead to a negative reaction from investors, causing a short-term decline in the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100