Array Technologies stock jumped 20%: explore why

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Updated on Sep 25, 2024

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Array Technologies reports better-than-expected revenue for fiscal Q4.
The U.S. solar tracker company named Kevin Hostetler its new CEO.
Array Technologies stock is up nearly 20% in premarket on Wednesday.

Array Technologies Inc (NASDAQ: ARRY) stock is up nearly 20% in the premarket this morning on solid Q4 revenue. The U.S. firm also named its new CEO last night.

Q4 results

Net loss printed at $21.9 million versus the year-ago figure of $9.77 million.
Per-share loss stood at 25 cents, an increase from last year’s 8 cents.
Revenue jumped 22% year-over-year to $219.9 million in fiscal Q4.
FactSet consensus was for 10 cents of per-share loss on $213.8 million in revenue.

New CEO

Array Technologies also named Kevin Hostetler as its new CEO. He is set to take the helm on April 18^th and has previously served as the chief executive of Rotork. The stock is still down nearly 25% year-to-date.

Also on Wednesday, Guggenheim upgraded ARRY to buy with a price target of $18 that represents a 45% upside from here.

Future outlook

For fiscal 2022, Array Technologies forecasts revenue to fall between $1.45 billion and $1.75 billion. This compares to analysts at $1.39 billion. The solar tracker company expects up to $210 million of adjusted EBITDA this year. In the earnings press release, CEO Jim Fusaro said:

The foundation of Array’s growth remains stronger than ever. We enter 2022 with $1.80 billion in executed contracts and awarded orders. We have organically more than doubled the legacy Array portion in one year. This translates to forecast revenue growth YoY of over 85% despite the current module challenges and supply disruptions.