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ALBUQUERQUE, N.M. - Array Technologies Inc . (NASDAQ:ARRY) reported first quarter earnings that surpassed analyst expectations, driven by strong revenue growth and market share recovery. The solar tracking technology provider’s stock rose 1.5% following the announcement.
Array Technologies posted adjusted earnings per share of $0.13 for the first quarter, exceeding the analyst estimate of $0.07. Revenue for the quarter came in at $302.4 million, significantly above the consensus estimate of $256.58 million and representing high double-digit growth compared to the same period last year.
CEO Kevin G. Hostetler highlighted the company’s strong start to 2025, noting it achieved "the second largest quarter of volume shipped since 2023, indicating solid market share recovery and the strength of our execution capabilities." He also emphasized Array’s ability to provide customers with quotes for 100% domestic content trackers under the Inflation Reduction Act.
The company reaffirmed its full-year 2025 guidance, projecting earnings per share of $0.60 to $0.70 and revenue of $1.05 billion to $1.15 billion. The midpoint of both ranges aligns closely with analyst consensus estimates.
Array Technologies reported total executed contracts and awarded orders of $2.0 billion as of March 31, 2025, with an 18% sequential growth in contracting for the quarter. Hostetler noted increased interest in Volume Commitment Agreements from domestic customers and strong contracting momentum in Europe, the Middle East, and Asia.
"Amidst global economic uncertainty related to tariffs, and potential changes to the IRA, we are confident in our ability to navigate changes in the utility-scale solar landscape," Hostetler stated.
The company’s adjusted EBITDA for the quarter was $40.6 million, with an adjusted gross margin of 26.5%.
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