What's in Store for Array Technologies (ARRY) in Q2 Earnings?
Array Technologies, Inc. ARRY is slated to report second-quarter 2023 results on Aug 8, after market close.
In the last reported quarter, the company delivered an earnings surprise of 733.33%. It also delivered an average earnings surprise of 229.86% in the trailing four quarters.
Factors to Note
Solid demand for its OmniTrack and STIH250 products across the U.S. solar market, along with an expanded offering for its SmartTrack software, is likely to have boosted ARRY’s second-quarter revenues.
Array Technologies, Inc. Price and EPS Surprise
Array Technologies, Inc. price-eps-surprise | Array Technologies, Inc. Quote
Increased megawatts shipment, buoyed by growing solar demand across the United States, is also expected to have added an impetus to the top-line performance.
However, slower conversion of projects owing to low availability of modules might have some adverse impact on the company’s second-quarter results.
The Zacks Consensus Estimate for revenues is pegged at $445.8 million, indicating a 4.9% improvement from the year-ago quarter’s reported number.
Factors like favorable revenue growth and strong margin performance as a result of the STI Norland acquisition are expected to have boosted ARRY’s bottom-line performance.
The Zacks Consensus Estimate for second-quarter earnings is pegged at 19 cents per share, implying an improvement of 111.11% from the year-ago quarter’s reported figure.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Array Technologies this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here.
Earnings ESP: ARRY’s Earnings ESP is +11.44%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Array Technologies carries a Zacks Rank #4 (Sell) at present.
Stocks to Consider
Here are two companies from the same sector that you may want to consider as these have the right combination of elements to post an earnings beat this reporting cycle.
Enbridge ENB currently has an Earnings ESP of +0.78% and a Zacks Rank #3. The Zacks Consensus Estimate for second-quarter sales is pegged at $7.49 billion, implying a year-over-year deterioration of 27.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ENB delivered a negative earnings surprise of 4.90% in the last reported quarter. The consensus mark for second-quarter earnings is pegged at 51 cents per share, indicating a decline of 3.8% from the year-ago quarter’s reported number.
KINETIK HLDGS KNTK has an Earnings ESP of +8.92% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for second-quarter sales is pinned at $296.3 million, indicating a decline of 11.7% year over year.
KNTK boasts a four-quarter average earnings surprise of 47.67%. The consensus estimate for earnings is pegged at 68 cents per share, implying a deterioration of 71.6% from the year-ago quarter’s level.
A Recent Solar Release
SunPower Corporation SPWR reported a second-quarter 2023 adjusted loss of 13 cents per share against a profit of a cent per share in the prior-year period. The loss came in wider than the Zacks Consensus Estimate of a loss of 3 cents per share.
During the quarter under review, SunPower’s adjusted revenues totaled $461.3 million, while its GAAP revenues amounted to $463.9 million. The Zacks Consensus Estimate was pegged at $478 million. The adjusted top line improved 8.5% from the year-ago quarter’s recorded figure of $425 million.
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Enbridge Inc (ENB) : Free Stock Analysis Report
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Kinetik Holdings Inc. (KNTK) : Free Stock Analysis Report
