Array Technologies Q2 revenue $507.7M (+21% YoY), gross margin record 29.6%, raises adj. EBITDA guidance

Array Technologies, Inc.

2023-Q2 EPS reported $0.43 revenue$884,498,000

Revenue $507.7M (+21% YoY); net income $52.0M vs loss $17.2M prior year; adjusted EPS $0.47 vs $0.09.
Gross margin record 29.6% (vs 9.5% prior year) driven by pass-through pricing, cost savings, and non-tracker sales.
Adjusted EBITDA $115.6M vs $20.9M prior year; full-year 2023 adj. EBITDA guidance raised to $280-295M, adj. EPS $1.00-1.07.
Executed contracts and awarded orders $1.7B at June 30; $600M in Q2 bookings, with larger portion shifting to 2024 deliveries.
Full-year 2023 revenue guidance lowered to $1,650-1,725M due to module availability, IRA clarity, and permitting pushouts.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Array Technologies, Inc. updated its the year ending December 31, 2023 guidance (reaffirmed).

Period: the year ending December 31, 2023
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Full Year 2023 Guidance For the year ending December 31, 2023, the company expects: • Revenue to be in the range of $1,650 million to $1,725 million • Adjusted EBITDA (2) to be in the range of $280 million to $295 million • Adjusted net income per share (2) to be in the range of $1.00 to $1.07

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Array Technologies, Inc. reported the quarter ended June 30, 2023 results: revenue $507.7 million, net income $52.0 million, EPS $0.34. Guidance reaffirmed.

Period: the quarter ended June 30, 2023
Revenue: $507.7 million
Net income: $52.0 million
EPS: $0.34
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Array Technologies, Inc. Reports Financial Results for the Second Quarter 2023 – Strong execution delivers revenue of $507.7 million and record gross margin of 29.6%

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

Array Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001820721-23-000154

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