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Mar 31, 2023
Array Technologies Q1 2023 Earnings Report
Delivered strong results with increased revenue and improved gross margin.
Key Takeaways
Array Technologies reported a strong first quarter in 2023, with a 25% increase in revenue to $376.8 million and a gross margin of 26.9%. The company's net income to common shareholders was $13.6 million, and adjusted EBITDA was $67.0 million. The company's executed contracts and awarded orders totaled $1.6 billion as of March 31, 2023.
Revenue increased by 25% year-over-year to $376.8 million.
Net income to common shareholders was $13.6 million.
Adjusted EBITDA reached $67.0 million, a significant improvement from the prior year.
Gross margin improved to 26.9%, the highest level since Q1 2020.
Forward Guidance
For the year ending December 31, 2023, the company expects revenue to be in the range of $1,800 million to $1,900 million, adjusted EBITDA to be in the range of $240 million to $265 million, and adjusted net income per share to be in the range of $0.75 to $0.85.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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