Array Technologies Inc (NAS:ARRY)
$ 6.44 0.27 (4.38%) Market Cap: 978.41 Mil Enterprise Value: 1.76 Bil PE Ratio: 51.42 PB Ratio: 4.68 GF Score: 63/100
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Q2 2024 Array Technologies Inc Earnings Call Transcript

Aug 08, 2024 / 09:00PM GMT
Release Date Price: $8.99 (+3.81%)

Key Points

Positve
  • Array Technologies Inc (ARRY) achieved $256 million in revenue for Q2 2024, slightly above the high end of their guidance range.
  • The company reported an adjusted gross margin of 35%, reflecting a 540 basis points improvement compared to the prior year.
  • Array Technologies Inc (ARRY) delivered $55.4 million of adjusted EBITDA, representing 21.7% of revenue.
  • The company ended the quarter with a strong cash balance of $282 million.
  • Array Technologies Inc (ARRY) launched SkyLink, a new tracker system that enhances flexibility and reduces project costs, receiving positive feedback from customers.
Negative
  • Array Technologies Inc (ARRY) reduced its full-year 2024 revenue guidance due to customer project timing challenges and other industry factors.
  • The company experienced a reduction in its backlog by approximately $200 million due to commodity price updates, project scope changes, and FX impacts.
  • Array Technologies Inc (ARRY) reported a decline in operating expenses, but adjusted EBITDA was significantly lower compared to the same period in the prior year.
  • The company is facing short-term challenges in the solar industry, including project delays due to AD/CVD petitions and domestic content guidance uncertainties.
  • Array Technologies Inc (ARRY) noted macroeconomic delays in Brazil, impacting the economic cases for power purchase agreements and causing project delays.
Operator

Greetings and welcome to Array Technologies second quarter 2024 earnings call. At this time, all participants are in a listen only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sarah Sheppard, Investor Relations at Array. Please go ahead.

Sarah Sheppard
Array Technologies Inc - Head of IR

Thank you, and welcome to Array Technologies' second quarter 2024 financial conference call. On the call with me today are Kevin Hostetler, our CEO; Neil Manning, our President and COO; and James Zhu, our Chief Accounting Officer. This call is being webcast from our Investor Relations site at ir.arraytechinc.com. including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website.

Today's discussion of financial results includes non-GAAP measures. A reconciliation of GAAP to non-GAAP financial measures can be found on our website. We encourage you to visit our website at ir.arraytechinc.com

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