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Jun 30, 2023
Array Technologies Q2 2023 Earnings Report
Array Technologies reported strong Q2 2023 results with revenue of $507.7 million and a record gross margin of 29.6%.
Key Takeaways
Array Technologies reported a strong second quarter in 2023, exceeding expectations with revenue of $507.7 million, a gross margin of 29.6%, and adjusted EBITDA of $115.6 million. The company generated $57 million of free cash flow in the first half of 2023 and ended the quarter with a cash balance of $156 million.
Revenue increased 21% year-over-year to $507.7 million.
Net income to common shareholders was $52.0 million.
Adjusted EBITDA was $115.6 million.
Executed contracts and awarded orders totaled $1.7 billion as of June 30, 2023.
Forward Guidance
For the year ending December 31, 2023, the company expects revenue to be in the range of $1,650 million to $1,725 million, adjusted EBITDA to be in the range of $280 million to $295 million, and adjusted net income per share to be in the range of $1.00 to $1.07.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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