Stock Track | Array Technologies Surges on Strong Q3 Earnings and Outlook

Stock Track2024-11-08

Shares of Array Technologies Inc. (NASDAQ: ARRY) soared 5.16% on Wednesday, November 8th, following the company's third-quarter earnings release. The solar tracking solutions provider reported better-than-expected results and provided an optimistic outlook, driving investor confidence.

Despite a 34% year-over-year decline in revenue to $231.4 million, primarily due to project pushouts, Array Technologies demonstrated significant improvements in profitability. The company's adjusted gross margin surged to 35.4%, a remarkable 940 basis point increase compared to the same period last year. Additionally, Array Technologies reported robust adjusted EBITDA of $46.7 million, representing 20.2% of revenue.

A key highlight for Array Technologies was its consistent $2 billion order book, supported by a domestic pipeline over three times larger than the previous year. The company also saw strong traction with its expanded product portfolio, notably the OmniTrack terrain-following tracker, which now accounts for more than 20% of its global order book.

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(NASDAQ: ARRY) soared 5.16% on Wednesday, November 8th, following the company's third-quarter earnings release. The solar tracking solutions provider reported better-...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ARRY","symbol_name":"Array Technologies Inc.","start_time":0,"source_url":"","article_id":"1104791514","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1104791514","pubTimestamp":1731076725,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Array Technologies Inc.  soared 5.16% on Wednesday, November 8th, following the company's third-quarter earnings release. 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