- Array Technologies Inc (NASDAQ: ARRY) reported a fourth-quarter revenue increase of 22% year-over-year to $219.9 million, beating the consensus estimate of $213.82 million.
- Adjusted EPS was $(0.06), missing the consensus of $(0.03).
- The gross margin decreased to 4.7% from 19.6%, driven by higher raw material and freight costs.
- ARRY recorded a loss from operations of $(20.01) million, versus $2.24 million in 4Q20
- Adjusted EBITDA decreased to $0.5 million, compared to $20 million for the prior-year period.
- Total executed contracts and awarded orders on December 31, 2021, were $1.8 billion, with $1.4 billion (+103% Y/Y) from Array and $0.4 billion from STI Norland.
- Net cash used in operating activities totaled $263.18 million in FY21, compared to $122.21 million in FY20
- FY22 Guidance: Array Technologies expects Revenue to be in the range of $1.45 billion to $1.75 billion, versus a consensus of $1.39 billion, and Adjusted EPS to be in the range of $0.55 to $0.74, versus a consensus of $0.66.
- It expects Adjusted EBITDA to be in the range of $170 million to $210 million.
- Separately, Array Technologies appointed Kevin Hostetler as Chief Executive Officer, effective April 18, 2022.
- Mr. Hostetler will also join Array's Board of Directors. He succeeds Jim Fusaro, who previously announced his intention to retire by the end of the year.
- Most recently, Mr. Hostetler served as Chief Executive Officer at Rotork (LON:ROR), an FTSE 250 company, where he led the company's Growth Acceleration Program.
- Price Action: ARRY shares are trading higher by 15.90% at $12.25 during the post-market session on Tuesday.
Read at Benzinga