Stock Track | Array Technologies Plunges 5% as Q3 Earnings Reflect Persistent Challenges

Stock Track11-09

Array Technologies Inc. (ARRY) experienced a sharp 5% decline in its stock price after reporting its third quarter 2024 earnings results, which highlighted persistent challenges faced by the company despite some positive takeaways.

On a positive note, Array Technologies achieved revenue of $231.4 million, landing in the upper half of its guidance range. The company also reported improved adjusted gross margins of 35.4%, reflecting a 940 basis point improvement year-over-year. Additionally, Array Technologies delivered strong adjusted EBITDA of $46.7 million, representing 20.2% of revenue, and generated free cash flow of $43.9 million.

However, the company encountered several headwinds during the quarter. Revenue declined by 34% compared to the same period last year, largely due to project pushouts experienced this year. Array Technologies also recorded a significant $162 million non-cash goodwill impairment charge related to the 2022 STI acquisition, contributing to a net loss of $155.4 million compared to a net income of $10 million in the prior year period.

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(ARRY) experienced a sharp 5% decline in its stock price after reporting its third quarter 2024 earnings results, which highlighted persistent challenges faced by the company ...</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":"1130541459","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1130541459","pubTimestamp":1731092240,"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":"Array Technologies Inc.  experienced a sharp 5% decline in its stock price after reporting its third quarter 2024 earnings results, which highlighted persistent challenges faced by the company despite some positive takeaways.On a positive note, Array Technologies achieved revenue of $231.4 million, landing in the upper half of its guidance range. 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