Array Technologies Inc ARRY shares are trading higher in Tuesday's after-hours session after the company reported better-than-expected financial results.
Array Technologies said third-quarter revenue increased 173% year-over-year to $515 million, which beat average analyst estimates of $399.35 million, according to Benzinga Pro.
The solar company said its strong top-line results were driven by the acquisition of STI Norland which contributed revenue of $114.6 million and strong organic growth. Excluding the impact of the acquisition, third-quarter revenue was up 112% year-over-year.
Array Technologies reported quarterly earnings of 18 cents per share, which beat average estimates of 10 cents per share.
"During the quarter we produced $102.0 million of free cash flow which allowed us to fully pay down our revolving credit facility," said Kevin Hostetler, CEO of Array Technologies.
Array ended the quarter with $62.8 million in cash and total liquidity of $229 million.
"This significant improvement from the prior quarter is another key step in solidifying our balance sheet as we prepare for continued growth," Hostetler added.
Array expects full-year 2022 revenue to be between $1.5 billion and $1.6 billion. Full-year adjusted net income is expected to be between 32 cents and 37 cents per share.
See Also: Rising Fuel Prices Are Good For Solar Stocks: SunPower's Q3 Performance Is Proof
ARRY Price Action: Array Technologies has a 52-week high of $24 and a 52-week low of $5.44.
The stock was up 14.10% in after hours at $19.37 at time of publication.
Photo: Sebastian Ganso from Pixabay.
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