2023-03-22 15:51:47 ET
Array Technologies ( NASDAQ: ARRY ) +5.8% in late Wednesday's trading after the company beat Q4 adjusted earnings expectations and revenues surged 83% Y/Y to $402M, and full-year results topped the midpoint of guidance thanks to a strong closeout for the year.
Q4 gross profit soared to $80.5M from $10.3M in the prior-year period, driven by higher volume both from the acquisition of STI as well as organic growth, and adjusted EBITDA increased to $51.7M from $500K in the year-earlier quarter.
Q4 gross margin jumped to 20% from 4.7%, driven by a larger portion of higher priced contracts and the addition of STI.
Total executed contracts and awarded orders at December 31, 2022 were $1.9B.
For FY 2023, Array ( ARRY ) expects adjusted earnings of $0.75-$0.85/share on revenues of $1.8B-$1.95B, with adjusted EBITDA of $240M-$265M.
"As we enter 2023, we do so with an incredible amount of momentum," CEO Kevin Hostetler said. "Our $1.9B order book is priced to support long-term sustainability of our high-10s-to-low-20s margin range, [and] the significant amount of cash flow produced in the second half of 2022 solidifies our liquidity position and dramatically improves our leverage position."
Array Technologies ( ARRY ) shares rose 3.5% so far this year and 48% during the past 12 months .
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Array Technologies rallies as Q4 revenues surged, gross margin rose fourfold