Array Technologies Shares Rise 15% on Raised 2022 Outlook, 3Q Results – MarketWatch
By Denny Jacob
Array Technologies Inc. shares rose 15% to $19.48 in after-hours trading Tuesday after the company raised its 2022 guidance following better-than-expected results in the third quarter.
The ground-mounting systems manufacturer forecast full-year 2022 revenue of $1.5 billion to $1.6 billion and adjusted earnings of 32 cents to 37 cents a share. It previously forecast revenue between $1.3 billion and $1.5 billion and adjusted earnings between 25 cents and 35 cents a share.
The raised outlook comes after the company issued its results for the third quarter.
Array swung to net income of $40.8 million, or 19 cents a share, for the quarter ended Sept. 30, from a loss of $27.6 million, or a loss of 25 cents a share, a year earlier. Adjusted earnings were 18 cents a share, above estimates of 11 cents.
Revenue surged to $515 million from $188.7 million. Analysts polled by FactSet expected $398.5 million.
Write to Denny Jacob at denny.jacob@wsj.com
Companies including Electronic Arts, ON Semiconductor and Fiserv pulled off a difficult feat in a down cycle — improving sales and profit margins.
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