Array Tech Q3 revenue $350.4M (-32% YoY); appoints Kurt Wood as CFO starting Nov 13

Array Technologies, Inc.

2023-Q3 EPS reported $0.50 revenue$1,234,936,000

Revenue $350.4M, down 32% YoY; net income $10.1M; diluted EPS $0.07; adjusted EPS $0.21.
Adjusted EBITDA $57.4M vs $55.4M; FY2023 guidance: rev $1,525-$1,575M, adj EBITDA $280-$290M, adj EPS $1.00-$1.05.
Executed contracts and awarded orders totaled $1.6B as of Sept 30, 2023.
Kurt Wood appointed CFO effective Nov 13; Nipul Patel to assist transition through year-end.
Wood receives $475k base salary, $300k sign-on bonus, and $1.5M equity grant (50% PSUs, 50% RSUs).

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Kurt Wood

Chief Financial Officer

ARRY · Array Technologies, Inc.

Effective: 2023-11-13
Filed: November 7, 2023, 6:59 PM ET

On November 3, 2023, Array’s Board of Directors (the “Board”) appointed Kurt Wood, age 48, as Chief Financial Officer of the Company, effective upon commencement of his employment with the Company on November 13, 2023.

Departed

Nipul Patel

Chief Financial Officer

ARRY · Array Technologies, Inc.

Effective: 2023-12-31
Successor: Kurt Wood
Filed: November 7, 2023, 6:59 PM ET

Nipul Patel will continue in his current role as Chief Financial Officer until Mr. Wood begins employment with the Company, and thereafter will assist with the transition in an advisory role until Mr. Patel’s expected separation from the Company at the end of the year (the “Transition Period”).

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Array Technologies, Inc. reported third quarter ended September 30, 2023 results: revenue $350.4 million, net income $10.1 million, EPS $0.07. Guidance reaffirmed.

Period: third quarter ended September 30, 2023
Revenue: $350.4 million
Net income: $10.1 million
EPS: $0.07
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Revenue decreased 32% to $350.4 million, compared to $515.0 million for the prior-year period

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Kurt Wood was appointed as Chief Financial Officer at Array Technologies, Inc..

Action: appointed
Role: Chief Financial Officer

Exact text from the filing

On November 3, 2023, Array’s Board of Directors (the “Board”) appointed Kurt Wood, age 48, as Chief Financial Officer of the Company, effective upon commencement of his employment with the Company on November 13, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.9

Nipul Patel departed as Chief Financial Officer at Array Technologies, Inc..

Action: expected separation
Role: Chief Financial Officer

Exact text from the filing

Nipul Patel will continue in his current role as Chief Financial Officer until Mr. Wood begins employment with the Company, and thereafter will assist with the transition in an advisory role until Mr. Patel’s expected separation from the Company at the end of the year (the “Transition Period”).

View on SEC.gov

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Array Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-272461

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