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On May 20, 2025, Array Technologies, Inc. conducted its Annual Meeting of Stockholders, where several key decisions were made regarding the company’s governance and accounting. The Albuquerque-based manufacturer, with a market capitalization of approximately $1 billion, presented three proposals to its stockholders for voting. According to InvestingPro data, the company’s stock has shown significant volatility recently, with a 16% decline in the past week, though maintaining a healthy current ratio of 2.39.
The first proposal involved the election of two board members, Jayanthi Iyengar and Tracy Jokinen. Iyengar received 63,704,495 votes for and 54,134,166 withheld, with 10,365,505 broker non-votes. Jokinen received a stronger endorsement, with 114,896,774 votes for and only 2,941,887 withheld, alongside the same number of broker non-votes.
In the second proposal, stockholders ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025. The accounting firm’s ratification saw an overwhelming number of votes cast in favor, totaling 127,108,085, with 399,830 against and 696,251 abstentions.
The third proposal, a non-binding advisory vote on the compensation of the company’s Named Executive Officers, did not pass. The proposal saw 56,591,095 votes for and 60,913,462 against, with 334,104 abstentions and 10,365,505 broker non-votes.
The outcomes of these votes are crucial for Array Technologies’ future direction and governance. The appointment of board members and the ratification of the accounting firm are standard practices that reflect the shareholders’ trust in the individuals and entities managing the company’s operations and financial integrity.
This report is based on a press release statement and provides a summary of the key decisions made during Array Technologies’ 2025 Annual Meeting of Stockholders.
In other recent news, Array Technologies reported a strong start to 2025, surpassing market expectations for both earnings and revenue. The company announced an earnings per share (EPS) of $0.13, significantly higher than the forecasted $0.07, and revenue for the quarter reached $302.4 million, exceeding the anticipated $256.58 million. Goldman Sachs updated its outlook on Array Technologies by increasing the price target to $11.00, up from the previous $9.00, while maintaining a Buy rating. The revised price target reflects optimism about the company’s earnings potential, despite risks such as competitive pressures and policy shifts. Jefferies also raised its price target for Array Technologies to $10.00, maintaining a Buy rating, citing confidence in the company’s potential to benefit from a recovery in the solar industry. Meanwhile, BMO Capital Markets maintained a Market Perform rating with a steady price target of $7.00, expressing caution regarding potential project delays due to tariff uncertainties. These developments indicate a mix of optimism and caution among analysts regarding Array Technologies’ future performance.
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