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Quarterly Figures: Array Technologies Posts Strong Gains in Revenue And Earnings - Shares Ignite Turbo

Albuquerque, USA - Array Technologies has announced its financial results for the third quarter of 2022 (Q3 22).

According to the results, the company, which is a leading provider of solar tracking solutions, reported record revenue of $515.0 million (USD million) for the quarter just ended. Compared to the same quarter last year, this is an increase of 173 per cent (Q3 21: 188.7 million USD).

According to the RENIXX Group, the significant revenue growth is due to the acquisition of Spanish solar tracking company STI Norland, which contributed revenue of $114.6 million, as well as strong organic growth in Array Technologies' established business. Excluding the impact of the acquisition, revenue increased by USD 211.8 million or 112 per cent, driven by both an increase in the total number of MWs shipped and an increase in ASP.

Adjusted EBITDA for the quarter was $55.4 million. Compared to the same quarter last year, this is an improvement of $59.3 million (Q3 21: - $3.9 million). This reflects not only volume growth but also the continued expansion of gross margin, Array Technologies said. Gross margin increased from 3.1 per cent to 15.6 per cent.

The bottom line in Q3 2022 is a net profit of $28.6 million (Q3 21: -$33.0 million). This results in diluted earnings per share of USD 0.19, after a loss of USD 0.25 in Q3 21.

After the first two trading days of this week, the Array Technologies share was still at the bottom of the RENIXX ranking with a minus of 10.3 per cent to 15.69 euros (08.11.2022, closing price, Stuttgart stock exchange). On Wednesday, the share then ignited the turbo and gained 22.2 per cent to 19.18 euros (09.11.2022, closing price, Stuttgart Stock Exchange). This means that the Array share has gained 40 per cent since the turn of the year.

Source: IWR Online, 11 Nov 2022