Array Technologies Stock Surges After Q4 Results, Guides FY22 Revenue Above Consensus - Array Technologies (NASDAQ:ARRY)

Array Technologies Inc ARRY reported a fourth-quarter revenue increase of 22% year-over-year to $219.9 million, beating the consensus estimate of $213.82 million.
Adjusted EPS was $(0.06), missing the consensus of $(0.03).
The gross margin decreased to 4.7% from 19.6%, driven by higher raw material and freight costs.
ARRY recorded a loss from operations of $(20.01) million, versus $2.24 million in 4Q20
Adjusted EBITDA decreased to $0.5 million, compared to $20 million for the prior-year period.
Total executed contracts and awarded orders on December 31, 2021, were $1.8 billion, with $1.4 billion (+103% Y/Y) from Array and $0.4 billion from STI Norland.
Net cash used in operating activities totaled $263.18 million in FY21, compared to $122.21 million in FY20
FY22 Guidance: Array Technologies expects Revenue to be in the range of $1.45 billion to $1.75 billion, versus a consensus of $1.39 billion, and Adjusted EPS to be in the range of $0.55 to $0.74, versus a consensus of $0.66.
It expects Adjusted EBITDA to be in the range of $170 million to $210 million.
Separately, Array Technologies appointed Kevin Hostetler as Chief Executive Officer, effective April 18, 2022.
Mr. Hostetler will also join Array's Board of Directors. He succeeds Jim Fusaro, who previously announced his intention to retire by the end of the year.
Most recently, Mr. Hostetler served as Chief Executive Officer at Rotork, an FTSE 250 company, where he led the company's Growth Acceleration Program.
Price Action: ARRY shares are trading higher by 15.90% at $12.25 during the post-market session on Tuesday.

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