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Sep 30, 2020
Array Technologies Q3 2020 Earnings Report
Array Technologies reported financial results for the third quarter of 2020.
Key Takeaways
Array Technologies reported revenue of $139.5 million and a net loss per share of ($0.06) for the third quarter of 2020. The company's adjusted EBITDA was $16.6 million and adjusted net income per share was $0.07. They had $703 million of executed contracts and awarded orders at the end of the quarter, representing a 31% increase versus the same time last year.
Revenue for the third quarter of 2020 was $139.5 million.
Basic and diluted net loss per share was ($0.06).
Adjusted EBITDA was $16.6 million.
Adjusted basic and diluted net income per share was $0.07.
Forward Guidance
For the full year 2020 ending December 31, 2020, the Company expects: Revenues to be in the range of $845 million to $865 million, Adjusted EBITDA to be in the range of $156 million to $160 million and Adjusted net income per share to be in the range of $0.82 to $0.86.
Positive Outlook
- Demand for trackers is growing faster than the overall market for solar.
- Customers are converting from fixed-tilt to trackers.
- Customers are increasingly recognizing the superior reliability and durability of Array Technologies' tracker system.
- Strong order book provides confidence for substantial growth in 2021.
- The drive to decarbonize energy is only accelerating and Array Technologies is a direct beneficiary of that transition.
Challenges Ahead
- Comparisons of year-over-year results for the third quarter are less meaningful than comparisons of year-over-year results for the first nine months because of the change in the distribution of quarterly revenues brought about by the start of the ITC step-downs this year.
- The step-downs in the ITC that began this year incentivize customers to place the majority of their orders in the second half of the year and take delivery in the first half of the following year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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