Array Technologies Reports Second Quarter Earnings, Misses Estimates
Array Technologies Inc. (ARRY) shares declined after the company reported its second-quarter financial results on Thursday. The company missed analyst expectations for both earnings and sales.
Array Technologies reported earnings of 20 cents per share, beating the analyst consensus estimate of 11 cents by 81.82%.
Quarterly sales came in at $255.766 million, which missed the analyst consensus estimate of $231.615 million by 10.43%. This represents a 49.63% decrease in sales from the same period last year.
The company reported an adjusted gross margin of 35% in the second quarter.
Total executed contracts and awarded orders were $2 billion.
New bookings for the quarter were $429 million.
"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,” said Kevin Hostetler, CEO of Array Technologies.
“Our orderbook remains healthy at over $2 billion and we’re encouraged by our customers’ interest in our portfolio of products and services and the longer-term tailwinds supporting utility-scale solar as one of the lowest-cost options to satisfy rapidly growing energy needs.”
Array Technologies lowered its fiscal year outlook to earnings of between 64 cents and 74 cents, versus the $1.08 estimate. The company also lowered its full-year sales outlook to a range of $900 million to $1 billion, versus the $1.3 billion estimate.
ARRY shares are down 9.90% after-hours at $8.10 at the time of publication Thursday.