Array Technologies, Inc. Stock Price, News & Analysis

Array Technologies (Nasdaq: ARRY) announced an agreement to sell up to $500 million of perpetual preferred stock to Blackstone Energy Partners. The initial sale involves $350 million with an optional additional $150 million before June 30, 2023. The preferred stock will yield annual cash dividends of 5.75%, while Blackstone will acquire approximately 5.8% of Array's common stock. Proceeds will be used to repay debt and fund growth. This partnership underscores Array’s strong market position and potential for future consolidation in the solar industry.

Johnson Fistel is investigating potential claims against Array Technologies (NASDAQ: ARRY) following a class action lawsuit filed for securities purchasers during a specified class period. The lawsuit alleges that Array misled investors by failing to disclose rising costs of essential materials like steel and increased freight costs, which negatively impacted the company's operations. Shareholders who held shares before December 2020 may have grounds to pursue claims against the company's officers and directors for alleged misconduct.

Array Technologies (NASDAQ: ARRY) announced its second quarter 2021 results will be released after market hours on August 11, 2021, followed by a conference call at 5:00 p.m. ET. Interested parties can join the call by dialing (877) 451-6152 for domestic or (201) 389-0879 for international access. A replay will be available after the call. Array Technologies, a leading global provider of solar tracker solutions, emphasizes efficient installation and lower energy costs, showcasing its commitment to innovation and customer service.

Array Technologies (NASDAQ: ARRY) has appointed Ken Stacherski as Senior Vice President of Operations, bringing over 30 years of supply chain expertise. Stacherski, previously with Honeywell's aerospace division, will oversee Array's global supply chain strategy and manufacturing operations. His extensive experience is expected to strengthen existing supplier relationships and enhance operations for growth. Array's leadership believes this strategic addition will reinforce its position as a leader in the solar industry through improved product delivery and operational efficiency.

Array Technologies (NASDAQ: ARRY) has appointed Erica Brinker as Chief Marketing Officer and Tyson K. Hottinger as Chief Legal Officer. Brinker, with over 20 years of marketing experience from Honeywell, focuses on driving growth and enhancing ESG initiatives. Hottinger, previously with Maschoff Brennan, brings expertise in legal and compliance matters. CEO Jim Fusaro emphasized the importance of building a strong leadership team to seize opportunities in the booming solar market. Both executives aim to position Array as a leader in renewable energy solutions.

Array Technologies reported a revenue of $245.9 million for Q1 2021, representing a 44% decline from $437.7 million in Q1 2020 due to a decrease in ITC safe harbor shipments. Net income dropped to $2.9 million from $73.7 million, with earnings per share falling to $0.02. Adjusted EBITDA decreased by 69% to $34.5 million. Although demand for products is at an all-time high, increased logistics and raw material costs from steel and freight are expected to impact margins. The company is taking measures to mitigate these costs.

Array Technologies (NASDAQ: ARRY) has partnered with Nucor Corporation to secure steel supplies for solar energy projects. This agreement involves Nucor producing key components for Array's solar tracking systems and collaborating on future innovations. Nucor, a leading recycler of steel in the U.S., processes around 20 million tons of scrap annually. This partnership aligns with Array's mission to reduce installation time and costs using sustainably sourced materials. Both companies emphasize their commitment to a clean energy future.

Array Technologies (NASDAQ: ARRY) announced the appointment of Jayanthi “Jay” Iyengar to its Board of Directors, effective May 10, 2021, replacing Peter Jonna. Jay brings over 30 years of technology experience from industries including automotive and aerospace, having previously served as Chief Technology Officer at CNH Industrial. The leadership change is seen as a strategic move to enhance product innovation as Array continues to pursue its growth strategy in the solar energy sector. The Board expressed gratitude for Jonna's contributions over the past five years.

Array Technologies (NASDAQ: ARRY) has secured a significant contract with Primoris Services Corporation for up to 4GW of solar trackers, including a firm order for 2.5GW of DuraTrack® HZ v3 trackers. This agreement expands on previous purchases and highlights Array's competitive edge in installation efficiency. Shipments are expected to begin in June 2021, contributing to solar energy advancements in North America. Array's commitment to innovation is positioned to reduce labor costs and enhance project delivery for EPC customers.