ALBUQUERQUE, N.M., June 12, 2024 (GLOBE NEWSWIRE) -- Today, Kevin G. Hostetler, chief executive officer of Array Technologies (NASDAQ: ARRY), a leading provider of tracker solutions and services for utility-scale solar energy projects, testified before the Congressional Joint Economic Committee. The hearing, "Made in America: The Boom in U.S. Manufacturing Investment," addressed the growth of the solar and manufacturing industries following the passage of the Inflation Reduction Act. Committee Chair, U.S. S ...

ALBUQUERQUE, N.M., June 12, 2024 (GLOBE NEWSWIRE) -- Today, Kevin G. Hostetler, chief executive officer of Array Technologies (NASDAQ: ARRY), a leading provider of tracker solutions and services for utility-scale solar energy projects, testified before the Congressional Joint Economic Committee. The hearing, “Made in America: The Boom in U.S. Manufacturing Investment,” addressed the growth of the solar and manufacturing industries following the passage of the Inflation Reduction Act. Committee Chair, U.S. S ...

ALBUQUERQUE, N.M., June 10, 2024 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ: ARRY) (“Array” or the “Company”), a leading provider of tracker solutions and services for utility-scale solar energy projects, announced today that its Chief Financial Officer, Kurt Wood, will be stepping down from his position at the end of the second quarter to pursue other business interests. “On behalf of Array Technologies, I want to thank Kurt for his impact on the Company during his tenure. Kurt came into Array and he c ...

ALBUQUERQUE, N.M., June 05, 2024 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ:ARRY) ("Array" or the "Company"), a leading provider of tracker solutions and services for utility-scale solar energy projects, has named Neil Manning as president and chief operating officer. Manning will continue to report directly to Array's chief executive officer, Kevin G. Hostetler. He has previously served as the chief operations officer since January 2023.  In addition to continuing his role overseeing Array's integrated ...

ALBUQUERQUE, N.M., June 05, 2024 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ: ARRY) (“Array” or the “Company”), a leading provider of tracker solutions and services for utility-scale solar energy projects, has named Neil Manning as president and chief operating officer. Manning will continue to report directly to Array’s chief executive officer, Kevin G. Hostetler. He has previously served as the chief operations officer since January 2023.  In addition to continuing his role overseeing Array’s integrate ...

2023 was a very tough year for solar stocks overall. The Federal Reserve’s decision to hike interest rates several times made borrowing much more expensive, resulting in lower profitability for solar firms. Solar ETF performance was pretty dismal overall with some stunning losses.2024 began with the expectation of a turnaround on hopes for interest rate cuts. Those cuts have yet to materialize but solar stocks are staging something of a comeback. That comeback has been catalyzed not by cuts but instead by n ...

Investors, weary of volatility due to economic uncertainty and geopolitical tensions, have been seeking stability and growth potential in their stocks. When it comes to portfolio performance, stocks with analyst upgrades can be important as endorsements by brokers.When analysts raise their ratings, the move signals increased confidence in the company’s future prospects. This newfound optimism can attract more investors to the stock, driving up demand and potentially pushing the price higher. Therefore, we n ...

Financial Data and Key Metrics Changes - The company generated $153 million in revenue for Q1 2024, slightly above the high end of the guidance range provided in February [7] - Adjusted gross margins were reported at 38.3%, including a one-time $4 million benefit from a supplier quality issue; excluding this, the adjusted gross margin was 35.7%, up 10 percentage points sequentially and nearly 9 percentage points year-over-year [7][27] - Adjusted EBITDA was $26.2 million, representing 17.1% of revenue, which included the $4 million benefit; this compares to adjusted EBITDA of $67 million in Q1 2023 [8][29] - Free cash flow for the quarter was $45.1 million, compared to $41.9 million in the same period last year [29] Business Line Data and Key Metrics Changes - The company booked approximately $400 million in new business during Q1, resulting in a book-to-bill ratio greater than 2.5 times, ending the quarter with an order book of $2.1 billion [9] - Approximately 80% of Q1 activity came from Tier 1 customers, indicating strong demand across various market segments [9][10] - The core adjusted gross margin, excluding benefits from 45X, was in the mid-20s range, consistent with long-term targets [8] Market Data and Key Metrics Changes - Sales in North America accounted for 70% of revenue, with the remainder from international markets [25] - The company noted broad demand across all market segments, including EPCs, developers, independent power producers, and utilities [9] - The pipeline of high-quality opportunities continues to grow, aligning with expectations of robust industry-wide growth for utility-scale solar [11] Company Strategy and Development Direction - The company is focused on operational improvements and product portfolio enhancements, including the launch of new features for severe weather mitigation [33] - A new state-of-the-art manufacturing facility is being established in Albuquerque, expected to come online in early 2026, aimed at strengthening the domestic supply chain [18] - The company is actively engaging with customers to ensure alignment with market needs and to showcase technological advancements [15][68] Management's Comments on Operating Environment and Future Outlook - Management indicated a softer first half of 2024, with expectations of growth in the second half, consistent with prior communications [12] - Ongoing issues include permitting, interconnection, and supply chain delays, but some customers are progressing normally [13] - The company is monitoring developments related to AD/CVD petitions, expressing concerns that new duties could lead to project delays [13][31] Other Important Information - The company successfully launched the Hail Alert Response system, which protects solar assets from hail damage, demonstrating its effectiveness during a recent hailstorm [19][20] - The company highlighted its competitive advantage in Brazil, where its tracking technology has been shown to enhance energy production compared to competitors [16][17] Q&A Session Summary Question: Pricing strategy and margin guidance for 2025 - Management reiterated that pricing reductions are not sacrificing margins but are a result of structural cost reductions, maintaining confidence in achieving mid-20s margins over time [36][37] Question: Impact of AD/CVD on market share - Management noted that they benefited from AD/CVD in 2022, gaining market share due to their flexible product design; however, the impact of the current AD/CVD filing remains uncertain [39] Question: Gross margin trends and future expectations - Management indicated that the $4 million one-time benefit significantly impacted Q1 margins, and they expect gross margins to trend towards the low 30s for the remainder of the year [42][44] Question: Customer reaction to pricing changes - Management reported that the DuraTrack is winning in the U.S. market due to its value proposition, while the H250 is gaining traction internationally [58][60] Question: Update on clamp and 45X qualification - Management stated that it is too early to determine the outcome of the clamp qualification under the 45X program, but they continue to lobby for its inclusion [52][53] Question: Customer engagement and market share - Management emphasized the importance of analytical approaches and personal engagement with customers to drive market share growth, without entering a pricing war [66][68]

Array Technologies, Inc. (ARRY) came out with quarterly earnings of $0.06 per share, beating the Zacks Consensus Estimate of a loss of $0.04 per share. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 250%. A quarter ago, it was expected that this company would post earnings of $0.11 per share when it actually produced earnings of $0.21, delivering a surprise of 90.91%.Over the last four quart ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-39613 ARRAY TECHNOLOGIES, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 83-2747826 | --- | --- ...