Array Technologies, Inc.
Description
Array Technologies, Inc. manufactures and sells ground-mounting tracking systems used in solar energy projects in the United States, Spain, Brazil, Australia, and internationally. The company operates in two segments, Array Legacy Operations and STI Operations. Its products portfolio includes DuraTrack HZ v3, a single axis tracker; Array STI H250 that delivers a lower levelized cost of energy with tracker system; Array OmniTrack; and SmarTrack, a software product that uses site-specific historical weather and energy production data in combination with machine learning algorithms to identify the optimal position for a solar array in real time to enhance energy production. Array Technologies, Inc. was incorporated in 1987 and is headquartered in Albuquerque, New Mexico.
About
CEO
Mr. Kevin G. Hostetler
Employees
961
Instrument type
Common Stock
Sector
Technology
Industry
Solar
MIC code
XNMS
Address
3901 Midway Place NE, Albuquerque, NM 87109, United States
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Oscillators
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Summary
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Moving Averages
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Earnings
| Date | Estimate EPS | Actual EPS | Difference | % Surprise |
|---|---|---|---|---|
| Nov 6, 2025 | — | — | — | — |
| Aug 6, 2025 | — | — | — | — |
| May 7, 2025 | — | — | — | — |
| Feb 26, 2025 | 0.19 | — | — | — |
| Nov 8, 2024 | 0.14 | 0.17 | 0.03 | 21.43% |
Earnings estimate
|
Next Quarter
(Mar 2025)
|
Next Year
(Dec 2025)
|
|||
|---|---|---|---|---|
| Number of analysts | — | 17 | — | 21 |
| Average estimate | — | 0.08 | — | 0.80 |
| Low estimate | — | 0.01 | — | 0.51 |
| High estimate | — | 0.15 | — | 1.23 |
| Last year EPS | — | 0.06 | — | 0.61 |
[stock_revenue_estimate]
Growth estimates
Current qtr
-18.580%
Next qtr. (Mar 2025)
35.120%
Current year
-45.970%
Next year (Dec 2025)
31.390%
Next 5 years (per annum)
—
Past 5 years (per annum)
—
Income statement
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total reported revenue | 1.58B | 1.64B | 853.32M | 872.66M | 647.90M |
| Cost of revenue | 1.16B | 1.42B | 785.02M | 669.86M | 497.14M |
| Gross profit | 415.55M | 212.72M | 68.30M | 202.80M | 150.76M |
| Operating expense | |||||
| Research & development | — | — | — | — | — |
| Selling general and admin | 159.54M | 150.78M | 80.97M | 55.63M | 41.21M |
| Other operating expenses | — | — | — | — | — |
| Operating income | 217.09M | -22.64M | -22.05M | 121.65M | 84.05M |
| Non operating interest income | |||||
| Income | 8.33M | 3.18M | 209,000 | — | — |
| Expense | 44.23M | 36.69M | 35.68M | 15.13M | 18.80M |
| Other income expense | -4.03M | 51.20M | -3.60M | -28.75M | -673,000 |
| Pretax income | 177.16M | -4.95M | -61.12M | 77.78M | 64.58M |
| Tax provision | 39.92M | -9.38M | -10.72M | 18.71M | 24.83M |
| Net income | 137.24M | 4.43M | -50.40M | 59.07M | 39.75M |
| Basic EPS | 0.57 | -0.29 | -0.51 | 0.49 | 0.33 |
| Diluted EPS | 0.56 | -0.29 | -0.51 | 0.49 | 0.33 |
| Basic average shares | 150.94M | 149.82M | 129.98M | 121.47M | 119.99M |
| Diluted average shares | 150.94M | 149.82M | 129.98M | 121.47M | 119.99M |
| EBITDA | 279.23M | 84.39M | 3.21M | 146.82M | 111.33M |
| Net income from continuing op. | 137.24M | 4.43M | -50.40M | 59.07M | 39.75M |
| Minority interests | — | — | — | — | — |
| Preferred stock dividends | — | — | — | — | 18.29M |
Balance sheet
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | 1.71B | 1.71B | 1.14B | 656.02M | 923.58M |
| Current assets | |||||
| Cash | — | — | — | — | 310.26M |
| Cash equivalents | — | — | — | — | — |
| Cash and cash equivalents | 249.08M | 133.90M | 367.67M | 108.44M | 310.26M |
| Other short term investments | — | — | — | — | — |
| Accounts receivable | 332.15M | 421.18M | 236.01M | 118.69M | 96.25M |
| Other receivables | — | — | — | — | — |
| Inventory | 161.96M | 233.16M | 205.65M | 118.46M | 148.02M |
| Prepaid assets | — | — | 33.65M | 12.42M | 13.52M |
| Restricted cash | — | — | — | — | 51.00M |
| Assets held for sale | — | — | — | — | — |
| Hedging assets | — | — | — | — | — |
| Other current assets | 89.09M | 39.43M | 33.65M | 12.42M | 13.52M |
| Non current assets | |||||
| Properties | 22.96M | 18.98M | 13.92M | 13.26M | 12.63M |
| Land and improvements | 1.63M | 1.58M | 1.34M | 1.34M | 1.34M |
| Machinery furniture equipment | 13.51M | 7.87M | 2.32M | 1.47M | 815,000 |
| Construction in progress | 6.53M | 5.14M | 1.88M | — | — |
| Leases | — | — | — | — | — |
| Accumulated depreciation | -22.09M | -17.82M | -11.22M | -8.78M | -6.59M |
| Goodwill | 1.22B | 1.22B | 314.21M | 337.71M | 362.96M |
| Investment properties | — | — | — | — | — |
| Financial assets | — | — | — | — | — |
| Intangible assets | 350.40M | 386.36M | 174.75M | 198.26M | 223.51M |
| Investments and advances | — | — | — | — | — |
| Other non current assets | 56.59M | 49.12M | 35.77M | 3.09M | — |
| Total liabilities | 1.10B | 1.28B | 974.72M | 736.92M | 618.43M |
| Current liabilities | |||||
| Accounts payable | 119.50M | 170.43M | 92.00M | 84.99M | 135.51M |
| Accrued expenses | 23.29M | 18.23M | 41.69M | 32.21M | 20.35M |
| Short term debt | 69.52M | 49.24M | 10.21M | 4.31M | 97.75M |
| Deferred revenue | 66.49M | 178.92M | 99.58M | 149.82M | 328.78M |
| Tax payable | 11.31M | 7.83M | 60,000 | 8.81M | 1.94M |
| Pensions | — | — | — | — | — |
| Other current liabilities | 1.43M | 1.20M | 1.77M | 8.96M | 6.29M |
| Non current liabilities | |||||
| Long term debt | 660.95M | 720.35M | 711.06M | 423.97M | — |
| Provision for risks and charges | — | — | — | — | — |
| Deferred liabilities | 66.86M | 72.61M | — | 13.11M | 15.85M |
| Derivative product liabilities | — | — | — | — | — |
| Other non current liabilities | 32.74M | 23.98M | 18.36M | 10.74M | 11.96M |
| Shareholders equity | |||||
| Common stock | 151,000 | 150,000 | 135,000 | 127,000 | — |
| Retained earnings | -130.23M | -267.47M | -271.90M | -221.50M | — |
| Other shareholders equity | 44.81M | 8.43M | — | — | — |
| Total shareholders equity | 610.51M | 423.85M | 168.26M | -80.90M | 305.15M |
| Additional paid in capital | 344.52M | 383.18M | 202.56M | 140.47M | — |
| Treasury stock | — | — | — | — | — |
| Minority interest | — | — | — | — | — |
Cash flow statement
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|
| Operating Activities | ||||||
| Net Income | 137.24M | 4.43M | -50.40M | 59.07M | 39.75M | -60.76M |
| Depreciation | 54.83M | 101.06M | 25.95M | 27.47M | 27.32M | 28.45M |
| Deferred Taxes | -8.86M | -31.57M | -10.10M | -2.74M | 22.32M | -20.06M |
| Stock-Based Compensation | 14.54M | 14.98M | 13.76M | 4.81M | 799,000 | — |
| Other Non-Cash Items | 13.08M | 2.35M | 17.73M | 33.23M | 7.44M | 2.87M |
| Accounts Receivable | 92.81M | -71.37M | -108.74M | -39.57M | -30.77M | 19.39M |
| Accounts Payable | -37.65M | 12.67M | 7.02M | -50.52M | 105.48M | 6.50M |
| Other Assets & Liabilities | -44.07M | 83.66M | -138.58M | -175.62M | 212.40M | -2.88M |
| Operating Cash Flow | 221.91M | 116.21M | -243.38M | -143.86M | 384.74M | -26.50M |
| Investing Activities | ||||||
| Capital Expenditures | -16.82M | -10.62M | -3.36M | -1.34M | -1.70M | -2.07M |
| Net Intangibles | — | — | — | — | — | -4.36M |
| Net Acquisitions | — | -373.82M | — | — | — | — |
| Purchase of Investments | — | — | -11.98M | — | — | — |
| Sale of Investments | — | — | — | — | — | — |
| Investing Cash Flow | -16.82M | -384.44M | -15.33M | -1.34M | -1.70M | -2.07M |
| Financing Activities | ||||||
| Long-Term Debt Issuance | 63.31M | 20.19M | 413.32M | 575.00M | — | 50.60M |
| Long-Term Debt Payments | -162.36M | -154.24M | -259.26M | -218.33M | -64.08M | -76.59M |
| Other Financing Charges | -2.71M | -3.83M | -79.93M | -631.48M | 133,000 | 46.39M |
| Financing Cash Flow | -101.76M | -107.56M | 411.72M | -129.34M | -63.95M | 50.86M |
| Other Cash Details | ||||||
| End Cash Position | 249.08M | 133.90M | 367.67M | 108.44M | 361.26M | 40.83M |
| Income Tax Paid | 45.94M | 10.74M | 13.32M | 31.10M | 443,000 | 176,000 |
| Interest Paid | 43.95M | 23.12M | 24.31M | 6.94M | 11.34M | 14.26M |
| Free Cash Flow | 214.97M | 130.87M | -266.54M | -123.54M | 384.38M | -18.16M |
Top Institutional Holders
| Holder | Date Reported | Shares | Value | % Held |
|---|---|---|---|---|
| Vanguard Total Stock Market Index Fund | Sep 30, 2024 | 4,548,201 | 31.02M | 2.99% |
| iShares Russell 2000 ETF | Nov 30, 2024 | 4,264,155 | 29.08M | 2.81% |
| Invesco ETF TR II-Invesco Solar ETF | Nov 30, 2024 | 3,787,271 | 25.83M | 2.49% |
| Vanguard Small-Cap Index Fund | Sep 30, 2024 | 3,618,053 | 24.68M | 2.38% |
| GMO Resources Fund | Nov 30, 2024 | 3,421,761 | 23.34M | 2.25% |
| GMO Climate Change Fund | Nov 30, 2024 | 2,464,400 | 16.81M | 1.62% |
| Vanguard Extended Market Index Fund | Sep 30, 2024 | 2,197,610 | 14.99M | 1.45% |
| Fidelity Small Cap Index Fund | Oct 31, 2024 | 1,554,085 | 10.60M | 1.02% |
| iShares Russell 2000 Growth ETF | Nov 30, 2024 | 1,375,563 | 9.38M | 0.91% |
| iShares Global Clean Energy ETF | Nov 30, 2024 | 1,263,689 | 8.62M | 0.83% |
Article
ARRAY Technologies, Inc. Announces Fourth Quarter and Full Year 2024 Earnings Release Date and Conference Call
ALBUQUERQUE, N.M., Feb. 06, 2025 (GLOBE NEWSWIRE) -- ARRAY Technologies, Inc. (the “Company” or “ARRAY”) (Nasdaq: ARRY) today announced that the company will release its fourth quarter and full year 2024 results after the market close on Thursday, February 27, 2025, to be followed by a conference call at 5:00 p.m. (Eastern Time) on the same day.
Feb 6, 2025
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Feb 4, 2025
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ARRAY Technologies Names Gina Gunning as Chief Legal Officer
ALBUQUERQUE, N.M., Jan. 27, 2025 (GLOBE NEWSWIRE) -- ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading provider of tracker solutions and services for utility-scale solar energy projects, today announced the appointment of Gina Gunning as its new chief legal officer and corporate secretary, effective immediately.
Jan 27, 2025
