Array Technologies Inc (NASDAQ:ARRY) shares are trading higher Wednesday after the company reported better-than-expected financial results and issued guidance.
Array said second-quarter revenue jumped 116% year-over-year to $424.9 million, which beat the estimate of $336.93 million, according to Benzinga Pro. The solar company reported quarterly adjusted earnings of 9 cents per share, which beat the estimate of 3 cents per share.
“This substantial growth is a testament to not only Array’s product and service offerings, but also our ability to provide flexible solutions for our customers in a shifting demand landscape while also maintaining a relentless focus on operational execution,” said Kevin Hostetler, CEO of Array Technologies.
Array expects third-quarter revenue to be between $1.3 billion and $1.5 billion versus the estimate of $1.4 billion. The company expects full-year adjusted earnings to be between 25 and 35 cents per share versus the estimate of 31 cents per share.
Analyst Assessment: Several analysts also raised price targets on the stock following the company’s results.
- Barclays analyst Christine Cho maintained Array with an Overweight rating and raised the price target from $20 to $22.
- Goldman Sachs analyst Brian Lee maintained Array with a Buy rating and raised the price target from $18 to $25.
- Truist Securities analyst Bronson Fleig maintains Array with a Hold rating and raised the price target from $13 to $23.
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