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Quarterly Figures: Array Technologies Posts Strong Gains in Q1 23 Revenue And Earnings - Stock Ignites Turbo

Albuquerque, USA - Array Technologies has presented its financial results for the first quarter of 2023 (Q3 22).

According to the report, the US-based company, which is one of the leading providers of solar tracking solutions, reported revenue of $376.8 million (USD million) in the past quarter. Compared to the same quarter last year, this is an increase of 25 percent (Q1 22: USD 300.6 million).

According to RENIXX Group, the significant revenue growth was due to an increase in MW capacity shipped as well as an increase in average selling price (ASP) due to improved pass-through of costs to customers.

Adjusted EBITDA for the quarter was 67 million USD. Compared to the same quarter last year, this is an improvement of 66.2 million USD (Q1 22: $0.73 million). This reflects the expansion in gross margin, which reached 26.9 percent, the highest level since Q1 2020, the company said.

The bottom line leaves Q1 2023 net income attributable to shareholders of 13.6 million USD, compared to a net loss of 37.5 million USD in the same period last year. Diluted earnings per share were 0.09 USD compared to negative 0.25 USD / share in the same period last year.

Looking ahead to full-year 2023, Array Technologies expects revenue in the range of 1.8 billion USD to 1.9 billion USD and adjusted EBITDA in the range of 240 million USD to 265 million USD.

Array Technologies' stock is one of the stocks with a particularly strong performance in the last trading week. Over the week, the stock gained 27.4 percent to a price of 20.06 euros. The RENIXX Group share has thus gained 14.6 percent since the turn of the year. This morning, the share price fell slightly in lead trading to 19.82 euros.

Source: IWR Online, 15 May 2023