Array Technologies Full Year 2023 Earnings: Beats Expectations
Array Technologies (NASDAQ:ARRY) Full Year 2023 Results
Key Financial Results
Revenue: US$1.58b (down 3.7% from FY 2022).
Net income: US$85.5m (up from US$43.6m loss in FY 2022).
Profit margin: 5.4% (up from net loss in FY 2022). The move to profitability was driven by lower expenses.
EPS: US$0.57 (up from US$0.29 loss in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Array Technologies Revenues and Earnings Beat Expectations
Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 14%.
Looking ahead, revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Electrical industry in the US.
Performance of the American Electrical industry.
The company's shares are up 2.3% from a week ago.
Risk Analysis
It is worth noting though that we have found 1 warning sign for Array Technologies that you need to take into consideration.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
