Array Technologies Q4 Revenue Beats Street, Strong Revenue Outlook; Shares Up 18%
Shares of Array Technologies, Inc. (ARRY) gained over 18% in extended trading session on Tuesday after the company’s fourth-quarter revenues trumped Wall Street view and its full-year revenue outlook is also expected to beat expectations. The company also announced Kevin Hostetler as new CEO.
Fourth-quarter net loss widened to $32.1 million or $0.25 per share from $9.8 million or $0.08 per share last year.
Adjusted net loss was $7.8 million or $0.06 per share, compared to adjusted net income of $10.6 million or $0.08 per share last year. Analysts polled by Thomson Reuters expected a loss of $0.03 per share.
Revenues increased 22% to $219.9 million from $180.6 million last year, primarily driven by continued strong demand for product. Analysts had a consensus revenue estimate of $213.82 million for the quarter.
Looking forward to the full year 2022, the company expects revenue of $1.45 billion to $1.75 billion and adjusted earnings of $0.55 to $0.74 per share. Analysts currently estimate earnings of $0.66 per share and revenues of $1.39 billion.
The company also announced the appointment of Kevin Hostetler as its new CEO effective April 18, 2022. Hostetler was most recently the CEO of Rotork where for the last four years he led the company’s growth strategy, improved margins through operational efficiencies and focused on commercial excellence.
ARRY closed Tuesday’s trading at $10.57, down $1.35 or 11.33%, on the Nasdaq. The stock, however, gained $1.93 or 18.26% in the after-hours trading.
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