Array Technologies hits year-low on FY revenue outlook cut

Array Technologies

08/11/2023 18:21

** Shares of solar tracker maker Array Technologies  ARRY.O 
plummet 17.9% to $14.97 - hitting its lowest level in over a
year 
    ** ARRY forecasts FY23 revenue outlook to the range of $1.53
bln to $1.58 bln, down from previous forecast of $1.65 bln to
$1.73 bln
    ** Cuts upper end of FY23 adj. earnings to $1-$1.05 from
$1-$1.07 per share earlier
    ** Short-term delays in project timing driven by customer
pushouts has reduced FY revenue outlook - CEO Kevin Hostetler
    ** Q3 revenue of $350.4 mln misses estimates of $374.6 mln 
    ** Co has missed revenue estimates for three of the last ten
quarters
    ** ARRY appoints Kurt Wood as chief financial officer, to
replace Nipul Patel at the end of the year
    ** Stock down 22.6% YTD, including session's loss 
    

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))