Array Technologies Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Array Technologies Reports Second Quarter 2024 Financial Results
Array Technologies (NASDAQ: ARRY) has released its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Consensus Estimates (Q2 2024) |
|---|---|---|
| Total Revenue | $255.8 million | $231.61 million |
| Gross Margin | 33.6% | Not Provided |
| Adjusted Gross Margin | 35.0% | Not Provided |
| Net Income to Common Shareholders | $12.0 million | Not Provided |
| Adjusted EBITDA | $55.4 million | Not Provided |
| Basic and Diluted EPS | $0.08 | Not Provided |
| Adjusted Diluted EPS | $0.20 | $0.11 |
Interpretation: Array Technologies' revenue surpassed consensus estimates by approximately $24.2 million. The EPS of $0.08 fell short of expectations, but the Adjusted EPS of $0.20 significantly outperformed the consensus estimate of $0.11. Both Gross Margin and Adjusted Gross Margin showcased healthy profitability metrics.
Comments from Company's Officers
"We finished the second quarter with strong performance and execution and are pleased with the continued demand we're seeing in our high-probability pipeline," stated Chief Executive Officer Kevin Hostetler. Despite positive metrics, Hostetler noted challenges such as short-term project delays and the recent AD/CVD petitions impacting U.S. market timelines.
Forward Guidance
For the full year ending December 31, 2024, Array Technologies expects:
- Revenue to range between $900 million and $1 billion.
- Adjusted EBITDA to range between $185 million and $210 million.
- Adjusted net income per share to be between $0.64 and $0.74.
For the third quarter specifically, the company anticipates revenue between $220 million and $235 million.
Stock Price Movement
Following the earnings release, Array Technologies saw a stock price increase of approximately 3.81%.
Summary
In summary, Array Technologies delivered robust Q2 2024 financial results, surpassing revenue expectations and showcasing solid adjusted earnings. Despite facing some short-term market challenges, the forward guidance reflects confidence in long-term growth, buoyed by strong customer demand and a healthy order book exceeding $2 billion. The market responded positively, reflected in the stock price increase post-earnings release.
Additional Information
For a detailed reconciliation of GAAP to non-GAAP measures and more information, please visit the company's official website at Array Technologies Investor Relations .
