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Jun 30, 2022
Array Technologies Q2 2022 Earnings Report
Array Technologies reported Q2 2022 earnings with revenue up 116% and gross margin increased to 11.1%.
Key Takeaways
Array Technologies reported Q2 2022 financial results, featuring a revenue increase of 116% to $424.9 million and a gross margin of 11.1%. The company's adjusted EBITDA rose to $25.9 million, with an adjusted EPS of $0.09. Despite a net loss to common shareholders, free cash flow showed an improvement compared to the prior year.
Total revenue growth of 116%, organic revenue growth of 79%
$1.9 billion in executed contracts and awarded, a 110% increase from June 30, 2021
Gross Margin of 11.1%, up 70 bps from Q2 2021 and 230 bps from Q1 2022
Adjusted EBITDA increased to $25.9 million, up from $0.7 million in Q1 2022
Forward Guidance
Array Technologies reaffirmed its FY2022 guidance with revenue expected to be in the range of $1.30 billion to $1.50 billion, adjusted EBITDA between $120 million to $140 million, and adjusted net income per common share between $0.25 to $0.35.
Positive Outlook
- AD/CVD relief providing minimal upside to 2022
- Adjusted SG&A between $25 million to $28 million per quarter
- Effective Tax Rate: 26%
- Fx Rates: Euro to USD 1.05
- Euro to BRL 5.25
Historical Earnings Impact
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Avg. Return Before/After Earnings
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