Array Technologies Stock Sinks On Q2 Results, Reduced FY Guidance
Portfolio Pulse from Erica Kollmann
Array Technologies Inc (NASDAQ:ARRY) shares dropped after the company reported better-than-expected Q2 earnings and sales but lowered its fiscal year guidance. The company posted earnings of 20 cents per share, beating the estimate of 11 cents, and sales of $255.766 million, surpassing the $231.615 million estimate. However, the company reduced its FY outlook to earnings between 64-74 cents and sales between $900 million to $1 billion, below the previous estimates.
August 08, 2024 | 9:28 pm
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Array Technologies reported strong Q2 earnings and sales, beating analyst estimates. However, the company lowered its fiscal year guidance, leading to a 9.90% drop in share price after-hours.
Despite beating Q2 earnings and sales estimates, the significant reduction in fiscal year guidance indicates potential challenges ahead, leading to a negative market reaction and a 9.90% drop in share price after-hours.
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IMPORTANCE 90
RELEVANCE 100