Array Q1 rev $376.8M (+25% YoY), adj EBITDA $67M, gross margin 26.9%; FY rev guidance trimmed to $1.8B-$1.9B

Array Technologies, Inc.

2023-Q1 EPS reported $0.09 revenue$376,773,000

Revenue $376.8M (+25% YoY); net income $13.6M vs loss $37.5M YoY; adj diluted EPS $0.25.
Gross margin 26.9%, highest since Q1 2020; one-time logistics cost benefit.
Adjusted EBITDA $67.0M, up from $0.7M prior year.
Executed contracts & awarded orders $1.6B at quarter end.
FY23 guidance: revenue $1.8B-$1.9B (lowered top end); adj EBITDA $240M-$265M, adj EPS $0.75-$0.85 unchanged.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Array Technologies, Inc. reported first quarter ended March 31, 2023 results: revenue $376.8 million, net income $13.6 million, EPS $0.09. Guidance lowered.

Period: first quarter ended March 31, 2023
Revenue: $376.8 million
Net income: $13.6 million
EPS: $0.09
Guidance: lowered
Result: reported results

Exact text from the filing

May 9, 2023 Array Technologies, Inc. Reports Financial Results for the First Quarter 2023 – Delivers strong results, with revenue of $376.8 million and gross margin of 26.9% First Quarter 2023 Highlights • Revenue of $376.8 million • Net income to common shareholders of $13.6 million • Adjusted EBITDA (1) of $67.0 million • Basic and diluted net income per share of $0.09

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Array Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001820721-23-000094

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