Solar tracking systems manufacturer Array (NASDAQ: ARRY) will be reporting earnings this Thursday after market close. Here’s what to look for.
Array beat analysts’ revenue expectations last quarter, reporting revenues of $342.1 million, down 5.6% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EBITDA estimates and full-year revenue guidance slightly missing analysts’ expectations.
Is Array a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Array’s revenue to decline 18.1% year on year, a reversal from the 70% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Array rarely misses Wall Street’s revenue estimates.
Looking at Array’s peers in the renewable energy segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Bloom Energy delivered year-on-year revenue growth of 138%, beating analysts’ expectations by 14.6%, and Nextpower reported revenues up 22.5%, topping estimates by 4%. Bloom Energy traded down 11.2% following the results while Nextpower was also down 2.7%.
Read our full analysis of Bloom Energy’s results here and Nextpower’s results here.
Investors in the renewable energy segment have had steady hands going into earnings, with share prices flat over the last month. Array is up 19.9% during the same time and is heading into earnings with an average analyst price target of $6.94 (compared to the current share price of $4.68).
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