Array Technologies surges on surprise Q1 profit

Array Technologies

10/05/2024 13:41

** Shares of solar tracker maker Array Technologies  ARRY.O 
surge 18.7% to $14.85 premarket
    ** Co posts surprise Q1 adj. profit of $0.06/shr vs. est. of
loss/shr of $0.03 - LSEG data 
    ** Quarterly revenue of $153.4 mln beat Wall Street view of
$140.1 mln 
    ** Co reiterates FY24 revenue forecast between $1.25 bln and
$1.40 bln; compared to analyst est. of $1.33 bln 
    ** Reaffirms FY24 adj. EPS to be in the range of $1.00 to
$1.15; above market view of $0.98
    ** Expect relatively flat volume on an FY basis- co
    ** 16 of 27 brokerages rate the stock "buy" or higher, ten
"hold" and one "sell"; their median PT is $18
    ** Up to Thursday's close, stock had fallen 25.5% YTD

 (Reporting by Khushi Singh in Bengaluru)
 ((Khushi.Singh@thomsonreuters.com;))