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Dec 31, 2023
Array Technologies Q4 2023 Earnings Report
Reported financial results for the fourth quarter and full year 2023.
Key Takeaways
Array Technologies reported Q4 2023 revenue of $341.6 million and net income of $6.0 million. The company's adjusted EBITDA for the quarter was $48.2 million, with an adjusted diluted net income per share of $0.21. The global orderbook has increased to $1.8 billion fueled by $600 million in Q4 2023 bookings.
Q4 2023 revenue reached $341.6 million.
Net income to common stockholders was $6.0 million.
Adjusted EBITDA stood at $48.2 million.
Global orderbook increased to $1.8 billion, fueled by $600 million in Q4 2023 bookings.
Forward Guidance
For the year ending December 31, 2024, the Company expects revenue to be in the range of $1,250 million to $1,400 million. Adjusted EBITDA to be in the range of $285 million to $315 million. Adjusted net income per share to be in the range of $1.00 to $1.15.
Positive Outlook
- Revenue to be in the range of $1,250 million to $1,400 million
- Adjusted EBITDA to be in the range of $285 million to $315 million
- Adjusted net income per share to be in the range of $1.00 to $1.15
- Projecting another year of growth in adjusted gross margin to the low thirties percent of sales
- Delivering both adjusted EBITDA and adjusted EBITDA margin growth for the third consecutive year.
Challenges Ahead
- Expect relatively flat volume on a full-year basis in 2024
- Declining ASP’s driven by lower commodity input costs
- Ability to lower price from our reduced cost structure
Historical Earnings Impact
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Avg. Return Before/After Earnings
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