NASDAQ$ARRY
Array Technologies Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Achieved record gross margin and $2.1 billion of executed contracts and awarded orders.
Array Technologies reported a strong start to 2024 with $153.4 million in revenue and a record gross margin of 35.9%. The company booked approximately $400 million of new business in Q1, bringing the total order book to $2.1 billion. Free cash flow was robust at $45.1 million, reflecting strong collections and increasing customer deposits.
- Revenue reached $153.4 million.
- Gross margin was 35.9%.
- Adjusted gross margin was 38.3%.
- The company achieved adjusted diluted net income per share of $0.06.
Headline financials
Revenue & EPS history
Array Technologies · Revenue · Quarterly
$153M
Revenue by segment
Array Technologies · $362M total across 2 segments · Q2 2025
- Array Legacy Operations$292M—80.6%
- STI Operations$70.4M—19.4%
Forward guidance
For the year ending December 31, 2024, the company expects revenue to be in the range of $1,250 million to $1,400 million, adjusted EBITDA to be in the range of $285 million to $315 million, and adjusted net income per share to be in the range of $1.00 to $1.15. For the second quarter specifically, the company expects revenue between $225 to $235 million and anticipates gross margin in the low-thirties percent of sales for the year.
Tailwinds
- Revenue to be in the range of $1,250 million to $1,400 million for the year ending December 31, 2024.
- Adjusted EBITDA to be in the range of $285 million to $315 million for the year ending December 31, 2024.
- Adjusted net income per share to be in the range of $1.00 to $1.15 for the year ending December 31, 2024.
- Gross margin in the low-thirties percent of sales for the year.
Headwinds
- Expect relatively flat volume on a full-year basis in 2024 with declining ASP’s when compared to 2023.
- Revenue guidance is skewed towards the back half of 2024.
- Expected project timing could impact timelines.
- Uncertainty and difficulty predicting the occurrence of non-GAAP adjustments.
- Significant changes in the cost of raw materials.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
-0.3%
Avg return
Earnings day
+2.0%
Avg return
5 days after
+3.3%
Avg return
30 days after
63%
15 / 24 earnings
Positive
+29.5%
Q3 2021
Best reaction
-45.9%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | -0.6% | +6.5% | -1.2% | |
| Q4 2025 | -33.9% | -31.8% | -33.4% | |
| Q3 2025 | +2.0% | +0.5% | -5.4% | |
| Q1 2025 | +3.9% | +20.7% | +50.1% | |
| Q3 2024 | +1.7% | +10.9% | -5.4% | |
| Q2 2024 | -18.0% | -19.1% | -26.3% | |
| Q1 2024 | +2.0% | +0.9% | +7.4% | |
| Q4 2023 | +5.2% | +5.5% | +11.3% | |
| Q3 2023 | -16.6% | -22.2% | -11.8% | |
| Q2 2023 | +25.0% | +32.9% | +33.9% | |
| Q1 2023 | -0.1% | +17.7% | +22.2% | |
| Q4 2022 | +13.9% | +7.2% | +21.7% | |
| Q3 2022 | +20.9% | +29.0% | +32.0% | |
| Q2 2022 | +26.2% | +24.7% | +14.1% | |
| Q1 2022 | -12.2% | -3.1% | +84.4% | |
| Q4 2021 | -7.5% | -22.1% | -23.2% | |
| Q3 2021 | +29.5% | +30.0% | -15.8% | |
| Q2 2021 | +14.0% | +13.0% | +16.1% | |
| Q1 2021 | -45.9% | -42.8% | -34.4% | |
| Q1 2020 | -45.9% | -42.8% | -34.4% | |
| Q2 2020 | +0.1% | +0.9% | -14.9% | |
| Q4 2020 | +0.7% | +3.8% | -9.2% | |
| Q4 2019 | +4.1% | +17.2% | +5.3% | |
| Q3 2020 | +24.7% | +10.5% | -5.1% | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — | |
| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2015 | — | — | — | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — |
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