Array Technologies, Inc. (NASDAQ: ARRY) has catapulted an impressive 28.64% to reach $23.00 during the current trading session, according to the latest update on Wednesday. In a steady ascent, Array Technologies stock achieved a modest 0.75% gain, culminating the preceding trading session at $17.88.
Reflecting on its performance in the second quarter concluding on June 30, 2023, Array Technologies (ARRY) has unveiled its financial achievements. The company’s stellar showing during this period surpassed all projections, showcasing exceptional growth across various metrics. A remarkable 21% surge in revenue compared to the previous year was the cornerstone of this accomplishment, with the STI segment contributing an astonishing 124% year-on-year expansion.
In concrete figures, ARRY generated $507.7 million in revenue, marking an impressive 21% escalation from the $419.9 million recorded in the corresponding period of the prior year. This surge was fueled by an upswing in both the total megawatts shipped and the average selling price, attributed to enhanced pass-through pricing mechanisms benefiting the clientele.
Undoubtedly, the leap in performance is evident in the gross profit figures reported by Array Technologies, showcasing an unprecedented 276% surge to $150.0 million, as opposed to the prior year’s $39.9 million. This surge is attributable to heightened production volumes and an upsurge in gross profit as a proportion of revenue, propelling the gross margin to an impressive 29.6% from the previous 9.5%. This leap was ushered in by improved pricing dynamics, strategic cost-saving endeavors, and a boost in non-tracker sales.
Array Technologies’ common stockholders revealed in a remarkable transformation, witnessing net income of $52.0 million, which stands in stark contrast to the net loss of $17.2 million encountered during the identical period in the preceding year. Basic and diluted earnings per share soared to $0.34, eclipsing the basic and diluted loss per share of $0.11 observed during the same timeframe in the prior year.
As of June 30, 2023, the aggregate value of Array Technologies’ executed contracts and awarded orders stands at a staggering $1.7 billion, with the Array Legacy Operations segment contributing $1.4 billion and STI Norland adding an additional $0.3 billion.
Further fortifying its standing, Array Technologies (ARRY) has inked a significant partnership agreement with Lock Joint Tube, a leading manufacturer of mechanical and structural-grade steel tubing. This collaboration centers around securing supplies from a novel steel mill situated in Texas, exclusively dedicated to the production of utility-scale solar tubing. This forward-looking alliance bears the dual promise of job creation and optimal production efficiency through the strategic integration of automation technologies.
