After-Hours Action: Why Array Technologies Stock Is Heating Up

After-Hours Action: Why Array Technologies Stock Is Heating Up

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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