Loading...
•
Sep 30, 2021
Array Technologies Q3 2021 Earnings Report
Array Technologies reported financial results with revenue increasing but net loss also increasing due to higher raw material input and logistics costs.
Key Takeaways
Array Technologies reported a 38% increase in revenue to $192.1 million. However, the company experienced a net loss of $31.0 million, and an adjusted EBITDA loss of $0.5 million. Despite these losses, the company's executed contracts and awarded orders reached a new record of $1 billion.
Revenue increased 38% to $192.1 million.
Net loss to common stockholders was $31.0 million.
Adjusted EBITDA loss of $0.5 million.
Executed contracts and awarded orders totaled $1 billion, a new record.
Forward Guidance
Array Technologies anticipates full year 2021 results will be within the previously provided guidance range, but likely at the lower end due to freight availability constraints impacting shipments in the fourth quarter. Delayed shipments will result in higher revenues in the first quarter of 2022. The hangover effect on margins from legacy, lower priced backlog is expected to dissipate by the first quarter of 2022.
Challenges Ahead
- Full year 2021 results are expected to be at the lower end of the guidance range.
- Continued constraints on freight availability could impact the ability to ship product in the fourth quarter.
- Any shipments delayed from the fourth quarter will result in higher revenues in the first quarter of 2022.
- Hangover effect on margins from legacy, lower priced backlog will affect results.
- Constraints on freight availability
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...