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Array Technologies Inc ARRY shares are down after the company reported its second-quarter financial results Thursday. Here's a look at the <a href="https://www.benzinga.com/pressreleases/24/08/g40266021/array-technologies-inc-reports-financial-results-for-the-second-quarter-2024-delivers-strong-resul">details from the report.&nbsp;</a>



The Details: Array Technologies reported quarterly earnings of 20 cents per share, which beat the analyst consensus estimate of 11 cents by 81.82%.



Quarterly sales came in at $255.766 million which beat the analyst consensus estimate of $231.615 million by 10.43% and is a 49.63% decrease in sales from the same period last year.



The company reported an adjusted gross margin of 35% in the second quarter. Total executed contracts and awarded orders were $2 billion and new bookings for the quarter were $429 million. 



Read Also: <a href="https://www.benzinga.com/news/earnings/24/08/40205648/toast-shares-get-burned-after-q2-results">Toast Shares Get Burned After Q2 Results</a>



&#8220;We finished the second quarter with strong performance and execution and are pleased with the continued demand we&#8217;re seeing in our high-probability pipeline,&#8221; said Kevin Hostetler, CEO of Array Technologies.



&#8220;Our orderbook remains healthy at over $2 billion and we&#8217;re encouraged by our customers&#8217; interest in our portfolio of products and services and the longer-term tailwinds supporting utility-scale solar as one of the lowest-cost options to satisfy rapidly growing energy needs.&#8221; 



Outlook:&nbsp;Array Technologies lowered its fiscal year outlook to earnings of between 64 cents and 74 cents, versus the $1,08 estimate, and full-year sales to a range of $900 million to $1 billion, versus the $1.3 billion estimate. 



ARRY Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Array Technologies shares are down 9.90% after-hours at $8.10 at the time of publication Thursday.



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Array Technologies shares are down after the company reported its second-quarter financial results Thursday. Here's a look at the details from the report.

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