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Mar 31, 2022
Array Technologies Q1 2022 Earnings Report
Reported strong top-line growth, a robust backlog, and continued margin progression in the legacy Array business.
Key Takeaways
Array Technologies reported a 21% increase in revenue to $300.6 million, driven by the acquisition of STI Norland, but experienced a net loss of $33.7 million. The company's executed contracts and awarded orders totaled $2.0 billion as of March 31, 2022.
Revenue increased by 21% to $300.6 million.
Net loss to common stockholders was $33.7 million.
Adjusted EBITDA was $0.7 million.
Executed contracts and awarded orders totaled $2.0 billion as of March 31, 2022.
Forward Guidance
The Company expects revenue to be in the range of $1.30 billion to $1.50 billion, Adjusted EBITDA to be in the range of $120 million to $140 million and Adjusted net income per share to be in the range of $0.25 to $0.35 for the year ending December 31, 2022.
Positive Outlook
- Focus on managing costs.
- Delivering an unparalleled customer experience.
- Efficiently using working capital.
- Growing capacity under an asset light model.
- Adding suppliers to ensure readiness to deliver on record demand.
Challenges Ahead
- AD/CVD investigation will have a negative effect on business.
- Projects totaling $225 - $250 million of revenue will no longer deliver in 2022.
- Higher margin projects are affected.
- Elevated logistics costs due to the war in Ukraine.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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