Array Technologies, Inc. Stock Price, News & Analysis

Array Technologies (NASDAQ: ARRY), a leading provider of tracker solutions for utility-scale solar energy projects, has released its fourth annual ESG and sustainability disclosures. The company made significant progress towards its Environmental, Social, and Governance goals in fiscal year 2023.

Key highlights include:

• Increased renewably sourced electricity in operations to 31%, up from 25% the previous year
• Achieved a 27% reduction in total recordable incident rate (TRIR)
• Continued to reduce direct emissions intensity
• Made progress in recruiting diverse candidates for middle management roles
• Maintained strong compliance in business ethics and cybersecurity
• Enhanced supplier engagement to improve supply chain data and due diligence

CEO Kevin G. Hostetler emphasized the company's commitment to sustainability as a core part of its business strategy, focusing on positive economic impact and environmental performance.

On June 12, 2024, Kevin G. Hostetler, CEO of Array Technologies (NASDAQ: ARRY), testified before the Congressional Joint Economic Committee about the positive impact of the Inflation Reduction Act (IRA) on the U.S. solar manufacturing sector.

Hostetler highlighted Array's recent $50 million investment in a new manufacturing facility in Albuquerque, NM, which will employ 300 local residents. The facility will produce components for solar tracking technology, which enhances energy production by up to 25%.

Hostetler emphasized that the IRA's production tax credit has spurred significant growth in renewable energy and manufacturing jobs. The testimony also noted ongoing collaborations with educational institutions and partners to develop a skilled workforce and expand manufacturing capacity.

The IRA is anticipated to triple U.S. solar capacity by 2028, fostering long-term growth and stability in the renewable energy sector.

Array Technologies, a leading provider of tracker solutions and services for utility-scale solar energy projects, announced the resignation of Chief Financial Officer, Kurt Wood, effective June 30, 2024.

Kurt Wood will step down to pursue other business interests but will remain as a consultant through September 30, 2024, to support the transition.

CEO Kevin G. Hostetler praised Wood's improvements in the finance organization, control framework, monthly close process, and cash collection processes.

Array Technologies has initiated a formal search for a new CFO.

Array Technologies (NASDAQ: ARRY) has appointed Neil Manning as president and chief operating officer. Manning, who joined Array in January 2023 as chief operations officer, will now oversee the company's international operations and assume full P&L responsibility. He will also lead geographic expansion and strategic initiatives. CEO Kevin G. Hostetler praised Manning's role in the company's success and noted the new reporting structure will allow executive team members to focus on priority areas. Manning expressed excitement about driving global expansion and innovative projects. Hostetler will engage more with industry associations and focus on customer, investor relations, and merger and acquisition opportunities.

Array Technologies, Inc. reported financial results for the first quarter of 2024, achieving record gross margin and $2.1 billion in executed contracts and awarded orders. With revenue of $153.4 million, gross margin of 35.9%, and adjusted gross margin of 38.3%, the company showcased strong performance. Despite a net loss to common shareholders of $11.3 million, the adjusted EBITDA was $26.2 million. The company's leadership emphasized the positive response to their products and strategic priorities. Array Technologies reaffirmed its full-year 2024 guidance, expecting revenue between $1,250 million to $1,400 million, adjusted EBITDA between $285 million to $315 million, and adjusted net income per share between $1.00 to $1.15.

Array Technologies and DNV Energy USA released a report on the energy impact of solar tracker wind stow strategies. The study confirms that Array's patented, safe, passive wind stow technology significantly enhances energy production, reducing losses to just 0.05%. This improvement surpasses active stow methods, boosting operational efficiency and reliability.