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Mar 31, 2024
Array Technologies Q1 2024 Earnings Report
Achieved record gross margin and $2.1 billion of executed contracts and awarded orders.
Key Takeaways
Array Technologies reported a strong start to 2024 with $153.4 million in revenue and a record gross margin of 35.9%. The company booked approximately $400 million of new business in Q1, bringing the total order book to $2.1 billion. Free cash flow was robust at $45.1 million, reflecting strong collections and increasing customer deposits.
Revenue reached $153.4 million.
Gross margin was 35.9%.
Adjusted gross margin was 38.3%.
The company achieved adjusted diluted net income per share of $0.06.
Forward Guidance
For the year ending December 31, 2024, the company expects revenue to be in the range of $1,250 million to $1,400 million, adjusted EBITDA to be in the range of $285 million to $315 million, and adjusted net income per share to be in the range of $1.00 to $1.15. For the second quarter specifically, the company expects revenue between $225 to $235 million and anticipates gross margin in the low-thirties percent of sales for the year.
Positive Outlook
- Revenue to be in the range of $1,250 million to $1,400 million for the year ending December 31, 2024.
- Adjusted EBITDA to be in the range of $285 million to $315 million for the year ending December 31, 2024.
- Adjusted net income per share to be in the range of $1.00 to $1.15 for the year ending December 31, 2024.
- Gross margin in the low-thirties percent of sales for the year.
Challenges Ahead
- Expect relatively flat volume on a full-year basis in 2024 with declining ASP’s when compared to 2023.
- Revenue guidance is skewed towards the back half of 2024.
- Expected project timing could impact timelines.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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