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Sep 30, 2024
Array Technologies Q3 2024 Earnings Report
Achieved revenue within guidance range and strong profitability, evidenced by adjusted gross margin growth and continued operational momentum.
Key Takeaways
ARRAY Technologies reported Q3 2024 financial results, achieving revenue of $231.4 million and an adjusted gross margin of 35.4%. The company's order book remains healthy at $2 billion, with over 20% representing orders of OmniTrackTM. While persistent headwinds are expected to impact the U.S. market, the company anticipates strong double-digit top-line growth in 2025.
Revenue of $231.4 million.
Gross Margin of 33.8%.
Adjusted gross margin of 35.4%.
Adjusted EBITDA of $46.7 million.
Forward Guidance
For the year ending December 31, 2024, the Company expects revenue to be in the range of $900 million to $920 million, adjusted EBITDA to be in the range of $170 million to $180 million and adjusted net income per share to be in the range of $0.60 to $0.65.
Positive Outlook
- Realization of torque tube and structural fastener 45X benefits.
- Strong operational execution.
- Focus on working capital enhancements.
- Potential for 100% domestic trackers.
- High-probability pipeline remains robust.
Challenges Ahead
- Continued softness in the Brazil market.
- U.S. and international volumes are expected to be down with declining ASP when compared to 2023.
- Project mix within the narrowed top-line guide.
- Increased strategic investments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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