ALBUQUERQUE, N.M. - ARRAY Technologies (NASDAQ: ARRY), a global leader in solar tracking solutions, has announced the appointment of H. Keith Jennings as its Chief Financial Officer effective January 6, 2025. Jennings, with over thirty years of experience across various industries, will take over the financial helm of the company, reporting to CEO Kevin G. Hostetler. The appointment comes at a crucial time for ARRAY, whose stock has seen significant volatility, trading at $6.68, down about 60% year-to-date. According to InvestingPro analysis, the company appears undervalued based on its Fair Value assessment.
Jennings's extensive background includes roles in corporate finance, risk management, and strategic growth initiatives. His track record boasts significant accomplishments such as driving mergers and acquisitions, optimizing capital structures, and building comprehensive business ecosystems. Currently, Jennings serves as a non-executive director and audit chair for Noble Corporation (NYSE: NE) and 5E Advanced Materials (Nasdaq: FEAM), bringing valuable governance experience to ARRAY. The company maintains a healthy liquidity position with a current ratio of 2.41, and InvestingPro data shows it operates with a moderate level of debt.
In his most recent role, Jennings served as the executive vice president and CFO of Weatherford International (NASDAQ:WFRD), where he was instrumental in the company's post-bankruptcy transformation, including restructuring its debt and facilitating its up-listing to the Nasdaq exchange. His prior experience also spans Calumet Specialty Products (NASDAQ:CLMT) Partners, Eastman Chemical (NYSE:EMN) Co., and Cameron International Corporation.
CEO Hostetler expressed confidence in Jennings's alignment with ARRAY's growth objectives, highlighting his capabilities in enhancing operational efficiency and leading strategic initiatives vital for the company's global expansion and innovation in renewable energy.
Jennings, who holds an MBA from Columbia University and a Bachelor of Commerce from the University of Toronto, expressed his enthusiasm for joining ARRAY during a pivotal time for the renewable energy sector. He is committed to driving strategic growth, improving financial performance, and contributing to the global transition to sustainable energy.
ARRAY Technologies specializes in utility-scale solar tracking technology engineered to endure the planet's most challenging conditions. The company's trackers and software aim to maximize energy production, facilitating the adoption of cost-effective and sustainable energy. ARRAY operates with a diversified global supply chain and a customer-centric approach, delivering, commissioning, and supporting solar energy developments worldwide. With annual revenue of $982 million and a strong gross profit margin of 30.5%, analysts remain optimistic about the company's prospects. For deeper insights into ARRAY's financial health and growth potential, including 12 additional ProTips and comprehensive analysis, visit InvestingPro.
The information in this article is based on a press release statement from ARRAY Technologies.
In other recent news, Array Technologies reported third-quarter revenues of $231 million and an adjusted EBITDA of $47 million, both surpassing expectations. The company also announced the addition of Leonardo Serpa as General Manager and Héctor Sánchez as Vice President of Sales for its operations in Europe, the Middle East, and Africa (EMEA), as part of its expansion efforts. Susquehanna Financial Group revised its stock price target for Array Technologies to $9, maintaining a positive rating, while BMO Capital Markets adjusted its price target to $8, maintaining a Market Perform rating.
Array Technologies also introduced new products, including a 77-degree tracker and SkyLink architecture, with expectations of strong double-digit growth in 2025. Despite challenges from an Anti-Dumping/Countervailing Duty investigation and election uncertainties, the company's backlog remained consistent at around $2 billion. These are recent developments in the company's operations and financial performance.
Despite a net loss primarily due to a noncash goodwill impairment charge, Array Technologies maintains a robust adjusted gross margin of 35.4%. The company's $2 billion backlog is expected to cover approximately $1.3 billion of the forecasted revenue for the fiscal year 2025. The company is also targeting 100% domestic content capability by the first half of 2025.
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