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Array Technologies Inc Up 1.47% To $13.89 After Earnings Beat

Wednesday, February 28, 2024 01:22 PM | InvestorsObserver Analysts

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Array Technologies Inc Up 1.47% To $13.89 After Earnings Beat

Array Technologies Inc (ARRY) said after close Tuesday that it earned $0.21 per share in quarter four 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $341.6 million, beating estimates by $26.8 million.

In the same quarter a year ago, the company earned $0.1 per share on revenue of $402.1 million.

The stock is up 1.47% to $13.89 after the report.

Despite Array Technologies Inc reporting a decline in revenues, earnings increased signaling a rise in profit margins.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 35. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Array Technologies Inc manufacturer of ground-mounting systems used in solar energy projects. The company's product is an integrated system of steel supports, electric motors, gearboxes and electronic controllers referred to as a single-axis tracker that move solar panels throughout the day to maintain an optimal orientation to the sun, which increases their energy production. Its operations are in the United States, Australia, and Rest of the World with the United States deriving the majority of the revenue.

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