Array Technologies, Inc. (ARRY) came out with quarterly earnings of $0.16 per share, missing the Zacks Consensus Estimate of $0.17 per share. This compares to earnings of $0.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.88%. A quarter ago, it was expected that this company would post earnings of $0.14 per share when it actually produced earnings of $0.17, delivering a surprise of 21.43%.Over the last four quarters, the ...

Revenue Performance - Fourth quarter 2024 revenue reached $275.2 million, exceeding the mid-point of guidance[4] - Full year 2024 revenue totaled $915.8 million, with a gross margin of 32.5%[4] - Total revenue for the year ended December 31, 2024, was $915.8 million, a decrease of 42% compared to $1.58 billion in 2023[24] - Revenue for the three months ended December 31, 2024, was $275,232 thousand, a decrease from $341,615 thousand in the same period of 2023, representing a decline of approximately 19.4%[29] - ARRAY expects over 20% year-over-year revenue growth for 2025 at the midpoint of guidance[5] - The company anticipates first quarter 2025 revenue in the range of $260 million to $270 million[7] Profitability and Loss - The company reported a net loss to common shareholders of $(296.1) million for the full year, including a $236.0 million non-cash goodwill impairment charge[4] - Adjusted EBITDA for the fourth quarter was $45.2 million, while the full year adjusted EBITDA was $173.6 million[4] - Gross profit for the year ended December 31, 2024, was $297.7 million, down from $415.6 million in 2023, reflecting a gross margin of approximately 32.5%[24] - The company reported a net loss of $240.4 million for the year ended December 31, 2024, compared to a net income of $137.2 million in 2023[24] - Net loss for the three months ended December 31, 2024, was $(126,903) thousand, compared to a net income of $19,342 thousand in the same period of 2023[30] - Adjusted net income for the three months ended December 31, 2024, was $25,117 thousand, slightly down from $26,415 thousand in the same period of 2023[30] Cash and Liabilities - Cash and cash equivalents increased to $363.0 million as of December 31, 2024, from $249.1 million in 2023[22] - Total current liabilities rose to $437.8 million in 2024, up from $335.7 million in 2023, indicating a 30% increase[24] - The company experienced a significant increase in accounts payable, which rose to $172.4 million in 2024 from $119.5 million in 2023[24] - Cash paid for interest in the year ended December 31, 2024, was $38,655 thousand, down from $43,949 thousand in 2023[28] - Cash and cash equivalents at the end of the period were $364,141 thousand, an increase from $249,080 thousand at the end of the previous year[28] Operating Expenses - Operating expenses for the year ended December 31, 2024, totaled $524.7 million, significantly higher than $201.4 million in 2023[24] - General and administrative expenses for the three months ended December 31, 2024, were $45,663 thousand, an increase of 4.5% from $43,710 thousand in 2023[31] - Adjusted general and administrative expenses for the three months ended December 31, 2024, were $25,299 thousand, a decrease of 40.7% compared to $42,581 thousand in 2023[31] Shareholder Information - The weighted average common shares outstanding for the year ended December 31, 2024, was 151.8 million, compared to 150.9 million in 2023[24] - The weighted average number of common shares outstanding for the three months ended December 31, 2024, was 151,944 thousand, compared to 151,175 thousand in the same period of 2023[30] - The company reported a basic loss per common share of $1.95 for the year ended December 31, 2024, compared to earnings of $0.57 per share in 2023[24] Goodwill and Impairment - The company recorded a goodwill impairment of $236.0 million for the year ended December 31, 2024[24] - The company reported a goodwill impairment of $74,000 thousand for the three months ended December 31, 2024[30] Future Outlook - The OmniTrack™ product now accounts for over 20% of the company's order book[4] - ARRAY is on track to deliver 100% domestic content solar trackers by the first half of 2025[4] - Adjusted net income per share for 2025 is projected to be between $0.60 and $0.70[7] Cash Flow - For the three months ended December 31, 2024, net cash provided by operating activities was $57,586 thousand, a decrease of 38.6% compared to $93,981 thousand for the same period in 2023[32] - Free cash flow for the three months ended December 31, 2024, was $44,609 thousand, down 49.6% from $88,607 thousand in the prior year[32] Legal and Other Costs - The company incurred $2,240 thousand in certain legal expenses for the three months ended December 31, 2024, compared to $244 thousand in the same period of 2023[31] - Other costs for the three months ended December 31, 2024, included $2,586 thousand related to Capped-Call accounting treatment evaluation[31] - The total estimated tax impact of all Adjusted Net Income add-backs for the year ended December 31, 2024, was $(42,596) thousand, compared to $(20,863) thousand for 2023[31] Capital Expenditures - The purchase of property, plant, and equipment for the year ended December 31, 2024, was $7,305 thousand, down from $16,989 thousand in 2023[32] Litigation - The company is awaiting a decision on an appeal related to litigation dismissed with prejudice on May 19, 2023[31]

Financial Performance - ARRAY Technologies reported fourth quarter revenue of $275.2 million, exceeding the mid-point of guidance, with a gross margin of 28.5% and an adjusted gross margin of 29.8% [7][4] - For the full year 2024, the company achieved revenue of $915.8 million, a gross margin of 32.5%, and an adjusted gross margin of 34.1% [7][4] - The net loss to common shareholders for the fourth quarter was $(141.2) million, which included a non-cash goodwill impairment charge of $74.0 million and a long-lived intangible asset write-down of $91.9 million related to the 2022 STI acquisition [7][4] Operational Highlights - ARRAY finished 2024 with an order book of $2 billion, reflecting a 10% year-on-year growth [4] - The company's OmniTrack™ product now represents over 20% of the order book, indicating strong market traction [4] - ARRAY is on track to deliver 100% domestic content solar trackers by the first half of 2025 [4] Market Outlook - The company anticipates over 20% year-over-year revenue growth for 2025, despite facing headwinds such as permitting delays and labor constraints [5] - In Europe, modest growth is expected in 2025, while Brazil's growth is impacted by macroeconomic factors like currency devaluation and tariffs [5] - ARRAY remains optimistic about future demand for utility-scale solar energy both domestically and internationally [5] Cash Flow and Financial Position - Free cash flow for the year was reported at $135.4 million, indicating strong cash generation capabilities [7] - Total executed contracts and awarded orders as of December 31, 2024, stood at $2.0 billion [7] Guidance - For the first quarter of 2025, ARRAY expects revenue in the range of $260 million to $270 million, with an adjusted EBITDA margin between 11% to 13% [11] - For the full year 2025, revenue is projected to be between $1.05 billion and $1.15 billion, with adjusted EBITDA expected to range from $180 million to $200 million [11]

Core Insights - The article does not provide specific insights or analysis regarding any companies or industries, focusing instead on disclaimers and disclosures related to the author's position and affiliations [1][2]. Group 1 - No stock, option, or similar derivative positions are held by the author in any mentioned companies, nor are there plans to initiate such positions in the near future [1]. - The article expresses the author's personal opinions and does not reflect the views of Seeking Alpha as a whole [2]. - The content does not provide any investment recommendations or advice regarding the suitability of investments for particular investors [2].

Company Performance - Array Technologies, Inc. closed at $7.21, down 1.23% from the previous trading session, underperforming the S&P 500's gain of 0.67% [1] - Over the past month, shares have appreciated by 13.53%, outperforming the Oils-Energy sector's loss of 0.76% and the S&P 500's gain of 2.07% [1] Upcoming Earnings - The company is set to announce its earnings on February 27, 2025, with projected earnings per share (EPS) of $0.17, reflecting a 19.05% decrease from the same quarter last year [2] - Revenue is estimated to be $266.83 million, indicating a 21.89% decrease compared to the same quarter of the previous year [2] Analyst Estimates - Changes in analyst estimates for Array Technologies, Inc. are important as they reflect shifting business dynamics, with positive revisions indicating a favorable outlook on the company's health and profitability [3] - The Zacks Consensus EPS estimate has moved 0.17% lower over the last 30 days, and the company currently holds a Zacks Rank of 3 (Hold) [5] Valuation Metrics - Array Technologies, Inc. is trading at a Forward P/E ratio of 9.49, which is a discount compared to the industry average Forward P/E of 9.85 [6] - The company's PEG ratio is currently 0.8, while the average PEG ratio for solar stocks is 0.67 [6] Industry Context - The Solar industry, part of the Oils-Energy sector, has a Zacks Industry Rank of 78, placing it in the top 32% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Viewpoint - ARRAY Technologies, Inc. is set to release its fourth quarter and full year 2024 financial results on February 27, 2025, followed by a conference call to discuss the results [1]. Financial Results Announcement - The financial results will be announced after market close on February 27, 2025 [1]. - A conference call will take place at 5:00 p.m. (Eastern Time) on the same day [1]. Conference Call Details - The conference call can be accessed by phone at (877)-869-3847 for domestic calls and (201)-689-8261 for international calls [2]. - A telephonic replay will be available approximately three hours after the call, accessible at (877)-660-6853 for domestic and (201)-612-7415 for international callers, with a passcode of 13750627 [2]. - The replay will be available until 11:59 p.m. (ET) on March 13, 2025 [2]. Webcast Information - Interested parties can also listen to a simultaneous webcast of the conference call via the Investor Relations section of the company's website [3]. - The online replay will be available for a limited time starting immediately after the call [3]. Company Overview - ARRAY Technologies is a leading global renewable energy company specializing in utility-scale solar tracking technology [4]. - The company’s solar trackers and software are designed to maximize energy production and support the adoption of sustainable energy solutions [4]. - Founded and headquartered in the United States, ARRAY leverages a diversified global supply chain and a customer-centric approach to support solar energy developments worldwide [4].

Core Viewpoint - ARRAY Technologies has appointed Gina Gunning as the new chief legal officer and corporate secretary, bringing over 25 years of legal and compliance experience to the company [1][2]. Group 1: Appointment Details - Gina Gunning will report directly to ARRAY's CEO, Kevin G. Hostetler, and will relocate to Chandler, Arizona [1]. - Gunning's previous role was as Chief Legal Officer and Corporate Secretary at GrafTech International Ltd., where she managed the legal department and global litigation [2][3]. Group 2: Experience and Qualifications - Gunning is recognized for her expertise in corporate law, governance, compliance, and risk management, with a strong background in structuring complex transactions and navigating regulatory landscapes [2][3]. - Prior to GrafTech, she held senior legal positions at FirstEnergy Corp. and Cliffs Natural Resources Inc., focusing on mergers and acquisitions, securities law, and capital markets transactions [3]. Group 3: Responsibilities and Vision - As chief legal officer, Gunning will lead ARRAY's legal, compliance, and risk management teams, ensuring alignment with business objectives and adherence to legal standards [4]. - Her responsibilities will include providing strategic counsel on corporate governance, contracts, intellectual property, and environmental, social, and governance (ESG) initiatives [4]. Group 4: Company Overview - ARRAY Technologies is a leading global renewable energy company specializing in utility-scale solar tracking technology, designed to maximize energy production [6]. - The company emphasizes a customer-centric approach and relies on a diversified global supply chain to support solar energy developments worldwide [6].

Core Insights - ARRAY Technologies has appointed Darin Green as the Chief Revenue Officer for North America, effective January 6, 2025, to enhance its revenue-generating activities and market presence in the renewable energy sector [1][5] - Green brings over 30 years of experience in the renewables and energy sectors, with a strong focus on driving revenue growth and operational excellence [1] - His previous role was at First Solar, where he held senior leadership positions and was instrumental in developing global supply-demand strategies and launching distributed generation businesses [1] Company Overview - ARRAY Technologies is a leading global renewable energy company specializing in utility-scale solar tracking technology, designed to maximize energy production and support sustainable energy adoption [2] - The company is headquartered in the United States and relies on a diversified global supply chain and customer-centric approach to deliver solar energy solutions worldwide [2]

Core Viewpoint - ARRAY Technologies has appointed Darin Green as the chief revenue officer for North America, effective January 6, 2025, to drive revenue growth and enhance market presence in the renewable energy sector [1][3]. Company Overview - ARRAY Technologies is a leading global renewable energy company specializing in utility-scale solar tracking technology, designed to maximize energy production and support sustainable energy adoption [6]. Leadership Appointment - Darin Green brings over three decades of experience in the renewables and energy sectors, with a proven track record in revenue growth and stakeholder collaboration [2]. - As chief revenue officer, Green will oversee North America's revenue-generating activities, focusing on sales, business development, and strategic partnerships [3]. - Green previously held senior leadership roles at First Solar, where he was instrumental in global supply-demand balancing strategies and revenue growth through innovative business models [4]. Strategic Focus - Green aims to strengthen ARRAY's commercial capabilities and enhance its market presence while driving sustainable growth [4]. - The company emphasizes a customer-centric approach and relies on a diversified global supply chain to support solar energy developments worldwide [6].

Core Viewpoint - Medicus Pharma Ltd. has received Minor Use in Major Species (MUMS) designation from the FDA for its Doxorubicin-Containing Microneedle Array (D-MNA) patch aimed at treating external Squamous Cell Carcinoma (SCC) in horses, which positions the company for a potential first mover advantage in a niche market [2][3][4]. Company Overview - Medicus Pharma Ltd. is a biotech/life sciences company focused on advancing clinical development programs for novel therapeutics [9]. - The company’s D-MNA patch is a patent-protected, dissolvable transdermal patch that delivers doxorubicin directly to tumors [5]. Product Development - The FDA granted MUMS designation on December 9, 2024, allowing the company an extended 7-year exclusive marketing period post-approval [3][4]. - The D-MNA patch is designed to penetrate the skin, create microchannels, and release doxorubicin to target and eradicate cancer cells [5]. Market Opportunity - Squamous Cell Carcinoma (SCC) is a common skin tumor in horses, with an incidence rate of 2-3% among the estimated 6.6 to 7.25 million horses in the U.S. [6]. - The company aims to address an untapped market opportunity with a non-invasive treatment for equine SCC, potentially leading to a commercially viable product by 2026 [5]. Current Treatment Landscape - Current treatments for SCC in horses include surgical removal, cryotherapy, local chemotherapy injections, and topical chemotherapeutic drugs [7].