Benzinga - by Adam Eckert, Benzinga Staff Writer.
Array Technologies Inc (NASDAQ:ARRY) shares are trading higher in Thursday’s after-hours session on the heels of the company’s first-quarter financial results. Here’s a rundown of the report.
- Q1 Revenue: $153.4 million, versus estimates of $140.106 million
- Q1 EPS: Loss of 7 cents/ Adjusted EPS 6 cents
Gross margin was 35.9% in the quarter, while adjusted gross margin came in at 38.3%. Array reported adjusted EBITDA of $26.2 million in the first quarter.
Guidance: Array said it expects second-quarter revenue to be in the range of $225 million to $235 million.
“We continue to expect relatively flat volume on a full-year basis in 2024 with declining ASP’s when compared to 2023. Based on expected project timing, our revenue guidance is skewed towards the back half of 2024,” the company said.
Array reaffirmed its full-year forecast for revenue in the range of $1.25 billion to $1.4 billion. The solar company said it expects full-year adjusted net income per share to be between $1 and $1.15. Adjusted EBITDA is expected to be between $285 million and $315 million.
Management will hold a conference call to discuss these results at 5 p.m. ET.
ARRY Price Action: Array shares were up 8.31% after hours at $13.55 at the time of writing, per Benzinga Pro.
Photo: Andreas from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.