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ALBUQUERQUE - Array Technologies (NASDAQ:ARRY), a provider of solar tracking technology with annual revenues of $1.17 billion, has completed its acquisition of APA Solar, a solar racking and structural solutions provider, the company announced Thursday. According to InvestingPro analysis, Array’s stock appears undervalued, with strong liquidity indicated by a current ratio of 2.22.
APA Solar will continue to operate under its brand as a strategic business unit within Array Technologies. The acquisition expands Array’s product portfolio to include APA’s tracker-compatible engineered foundation systems and fixed-tilt racking systems.
"This is a pivotal moment for Array," said Kevin G. Hostetler, chief executive officer at Array Technologies. "APA brings a strong track record of innovation, customer service, and engineering excellence."
The transaction is expected to be accretive to Array’s earnings, with opportunities for commercial synergies, according to the company’s press release statement. Array plans to update its full-year guidance to reflect the acquisition’s impact during its third quarter earnings call.
"We’re thrilled to join forces with Array," said Josh Von Deylen, chief executive officer at APA. "Our shared values and complementary capabilities make this a natural fit."
The acquisition aims to enhance Array’s ability to serve a broader range of utility-scale and commercial solar projects across North America and beyond.
Jefferies LLC acted as exclusive financial advisor and Kirkland & Ellis as legal advisor to Array, while Donelly Penman & Partners served as exclusive financial advisor to APA, with Rupp, Hagans & Bohmer, LLP and Eastman & Smith acting as legal advisors.
Array Technologies provides solar tracking technology to utility-scale and distributed generation customers who construct, develop, and operate solar PV sites. The company maintains moderate debt levels and operates with a market capitalization of $933 million. Discover more financial metrics and expert analysis with InvestingPro, featuring over 30 key indicators and valuable investment insights.
In other recent news, Array Technologies reported its second-quarter earnings for 2025, exceeding market expectations. The company achieved an earnings per share (EPS) of $0.25, surpassing the forecasted $0.19, which represents a 31.58% increase. Revenue for the quarter reached $362 million, significantly above the anticipated $291.41 million, marking a 24.29% increase. UBS responded to these results by raising its price target for Array Technologies from $8.50 to $9.00, maintaining a Buy rating. This adjustment was made in light of Array’s financial guidance for 2025, which suggests improved gross margins in the latter half of the year. These developments reflect positive sentiment and optimism among investors and analysts.
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