Array Technologies ARRY went public in October and has seen its shares rise as the solar energy market hits a bull market on a potential Joe Biden win in the 2020 election.
Shares are up 14% to $44.94 on Friday and hit a new all-time high of $48.88 earlier in the morning.
Q3 Earnings: Array reported third-quarter revenue of $139.5 million. Adjusted earnings per share was 7 cents in the third quarter.
The company’s nine-month revenue has grown 64% year-over-year to $692.1 million.
Array provided guidance for the full fiscal year, where it sees revenue hitting a range of $845 million to $865 million.
The guidance from the company implies fourth-quarter revenue to come in a range of $152.9 million to $172.9 million.
“We are also in the process of evaluating several potential acquisition targets that could meaningfully expand our total addressable market,” said CEO Jim Fusaro.
Related Link: 30 Stocks And ETFs To Watch After 2020 Election Day
Increased Backlog: The company highlighted its backlog on the earnings call and also said it was seeing results from its international expansion efforts: "We had $703 million of executed contracts and awarded orders at the end of the quarter, which represented a 31% increase versus the same time last year."
The company also said customer activity has increased since the end of the quarter.
Election Trade: Array Technologies was highlighted as a trade idea based on a Joe Biden win in the 2020 election during Benzinga’s election coverage.
The stock is one of several energy companies highlighted by Benzinga that could be winners under a new president. Shares are up 20% since Election Day and were up over 30% when new highs were hit Friday morning.
Benzinga’s Take: Array is one of the leading manufacturers of ground-mounting systems used in the solar energy market.
Trackers generate 25% more energy and lower costs 22% compared to fixed-tilt mounting systems by moving solar panels throughout the day.
The company owns a patent on its tracker design, which allows one motor to drive multiple rows of solar panels. Competitors have to use one motor for each row.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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