Array Technologies Inc reports results for the quarter ended in June - Earnings Summary

Array Technologies

08/08/2024 23:38

* Array Technologies Inc  ARRY.OQ  reported quarterly
adjusted
earnings of 20 cents​​ per share for the quarter ended in June,
lower than the same quarter last year, when the company reported
EPS of 47 cents.  The mean expectation of twenty five analysts
for the quarter was for earnings of 11 cents per share. Wall
Street expected results to range from 5 cents to 22 cents per
share.
    * Revenue fell 49.6% to $255.77 million from a year ago;
analysts
expected $231.62 million. 
    * Array Technologies Inc's reported EPS for the quarter was
8
cents​.
    * The company reported quarterly net income of $11.95
million.
    * Array Technologies Inc shares had fallen by 15.6% this
quarter and lost 48.5% so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had fallen by
about 29%
in the last three months.​ 
    * In the last 30 days, two analysts negatively revised
earnings
estimates

RECOMMENDATIONS
    * The current average analyst rating on the shares is "buy"
and
the breakdown of recommendations is 19 "strong buy" or "buy," 8
"hold" and 1 "sell" or "strong sell." 
    * The average consensus recommendation for the renewable
energy
equipment & services peer group is also "buy"

Wall Street's median 12-month price target for Array
Technologies Inc is $18.00 
This summary was machine generated from LSEG data August 8 at
10:38 p.m. UTC. ​All figures in US dollars unless otherwise
stated. (For questions concerning the data in this report,
contact Estimates.Support@lseg.com. For any other questions or
feedback, contact RefinitivNewsSupport@thomsonreuters.com) QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Jun. 30 2024      0.11           0.20           Beat
 Mar. 31 2024      -0.03          0.06           Beat
 Dec. 31 2023      0.11           0.21           Beat
 Sep. 30 2023      0.12           0.21           Beat