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ARRAY Technologies specializes in utility-scale solar tracking technology and is known for its durable solar trackers and advanced software that optimize energy production. The company's commitment to sustainable energy is supported by a diversified global supply chain and a customer-centric approach to its international projects. Despite recent challenges reflected in a -40% revenue growth, InvestingPro analysts forecast a return to profitability this year, with the company maintaining a moderate debt level and strong free cash flow yield. Despite recent challenges reflected in a -40% revenue growth, InvestingPro analysts forecast a return to profitability this year, with the company maintaining a moderate debt level and strong free cash flow yield.
Reporting directly to ARRAY's CEO, Kevin G. Hostetler, Gunning will be based in Chandler, Arizona. Her extensive background includes roles such as Chief Legal Officer and Corporate Secretary at GrafTech International (NYSE:EAF) Ltd., where she oversaw the legal department and managed global litigation and arbitrations. With a market capitalization of $1.08 billion and an EBITDA of $143 million in the last twelve months, ARRAY appears undervalued according to InvestingPro's comprehensive Fair Value analysis, available in the detailed Pro Research Report.
Hostetler expressed confidence in Gunning's expertise, stating her experience in corporate law, governance, and compliance will be vital to ARRAY's growth and leadership in renewable energy innovation. Gunning herself is eager to contribute to ARRAY's mission of promoting sustainable energy, emphasizing the company's innovative approach to renewable energy solutions.
Her role at ARRAY will encompass leading the legal, compliance, and risk management teams, providing strategic counsel on corporate governance, contracts, intellectual property, and environmental, social, and governance (ESG) initiatives.
Gunning's previous experience includes senior legal positions at FirstEnergy Corp (NYSE:FE). and Cliffs Natural Resources Inc., with a focus on mergers and acquisitions, securities law, and capital markets transactions. She also served as a capital markets partner at the global law firm Jones Day.
Gunning holds a Juris Doctor from Notre Dame Law School and a Bachelor of Arts from the University of Notre Dame.
ARRAY Technologies specializes in utility-scale solar tracking technology and is known for its durable solar trackers and advanced software that optimize energy production. The company's commitment to sustainable energy is supported by a diversified global supply chain and a customer-centric approach to its international projects.
The information in this article is based on a press release statement from ARRAY Technologies.
In other recent news, Array Technologies reported significant developments in its operations and financial performance. The company announced the appointment of H. Keith Jennings as its new Chief Financial Officer, bringing extensive experience in corporate finance and strategic growth initiatives. In addition, Array Technologies reported third-quarter revenues of $231 million and an adjusted EBITDA of $47 million, both surpassing expectations. The company also expanded its leadership team in Europe, the Middle East, and Africa (EMEA) with the addition of Leonardo Serpa and Héctor Sánchez.
Array Technologies has also received revised stock price targets from Susquehanna Financial Group and BMO Capital Markets, maintaining a positive and market perform rating respectively. The company introduced new products, including a 77-degree tracker and SkyLink architecture, with expectations of strong double-digit growth in 2025. Despite a net loss primarily due to a noncash goodwill impairment charge, Array Technologies maintains a robust adjusted gross margin of 35.4%. The company's $2 billion backlog is expected to cover approximately $1.3 billion of the forecasted revenue for the fiscal year 2025. These are recent developments in Array Technologies' operations and financial performance.
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