Business
Array Technologies, Inc. Reports Financial Results for the First Quarter 2023 – Delivers strong results, with revenue of $376.8 million and gross margin of 26.9%
First Quarter 2023 Highlights Revenue of $376.8 millionNet income to common shareholders of $13.6 millionAdjusted EBITDA(1) of $67.0 millionBasic and diluted
About this update from Array Technologies, Inc.
[{"type":"text","content":"First Quarter 2023 Highlights Revenue of $376.8 millionNet income to common shareholders of $13.6 millionAdjusted EBITDA(1) of $67.0 millionBasic and diluted net income per share of $0.09Adjusted diluted net income per share(1) of $0.25Executed contracts and awarded orders at March 31, 2023 totaling $1.6 billion (1) A reconciliation of the most comparable GAAP measure to its Non-GAAP measure is included below. ALBUQUERQUE, N.M., May 09, 2023 (GLOBE NEWSWIRE) -- Array Technologies (NASDAQ: ARRY) (“Array” or “the Company”), a leading provider of tracker solutions and services for utility-scale solar energy projects, today announced financial results for its first quarter ended March 31, 2023 “In the first quarter we grew revenue 25% from the prior year as we had favorable project timing to close out March in our Array Legacy Segment. Adjusted EBITDA for the quarter was $67.0 million which was a $66.2 million improvement from the prior year and was anchored by a 26.9% gross margin, which represents the highest levels since first quarter 2020. Additionally, in the first quarter we delivered $41.9 million of free cash flow leaving our end of quarter cash balance at $147.8 million,” said Kevin Hostetler, Chief Executive Officer. “The margin performance was driven by favorable project mix and one-time benefits from lower-than-expected logistics costs as both ocean and domestic trucking rates came in lower than forecasted. It does not reflect benefits related to either the domestic content provisions or manufacturing credits included in the IRA, which we continue to view as potential upside.” Mr. Hostetler continued, “When we compare Array’s performance this quarter to a year ago, the contrast is striking. We have not only continued to grow the business organically but have improved profitability at the same time. The meaningful expansion in our gross margin year over year represents our improved contracting process but is also indicative of the significant improvements we have made in our operational execution and our product and pricing strategies. While there were some one-time benefits this quarter, that should not overshadow the maturing of our operating system, which has allowed us to identify and take advantage of the opportunities as they arose.” “I will note that we did have a slowdown in our order activity this quarter, which ...