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ALBUQUERQUE, N.M. - Array Technologies Inc . (NASDAQ:ARRY) shares plunged 12.2% in after-hours trading on Tuesday after the solar tracking systems maker reported fourth-quarter earnings that fell short of analyst expectations, despite beating on revenue.
The company posted adjusted earnings per share of $0.16 for the quarter ended December 31, 2024, missing the consensus estimate of $0.18. Revenue came in at $275.2 million, surpassing analysts’ projections of $272.5 million and declining 19.4% YoY.
Array Technologies’ fourth quarter gross margin improved to 28.5% from 24.7% in the same period last year. Adjusted gross margin rose to 29.8% from 25.7% a year ago.
For the full year 2024, the company reported revenue of $915.8 million, down 41.9% from $1.58 billion in 2023. Net loss to common shareholders widened significantly to $296.1 million, compared to net income of $85.5 million the previous year.
"ARRAY delivered strong fourth quarter and full year 2024 results, we exceeded the mid-point of our fourth quarter revenue guidance and achieved record gross margin on the full year," said CEO Kevin G. Hostetler.
Looking ahead, Array Technologies provided upbeat guidance for 2025. The company expects first-quarter revenue between $260 million and $270 million, above the consensus of $219.5 million. For the full year 2025, Array projects revenue of $1.05 billion to $1.15 billion, compared to analysts’ estimates of $1.13 billion.
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