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Array (ARRY) Reports Earnings Tomorrow: What To Expect

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

ARRY Cover Image

Solar tracking systems manufacturer Array (NASDAQ: ARRY) will be reporting results this Wednesday after the bell. Here’s what you need to know.

Array beat analysts’ revenue expectations by 24.3% last quarter, reporting revenues of $362.2 million, up 41.6% year on year. It was a satisfactory quarter for the company, with a beat of analysts’ EPS estimates but a significant miss of analysts’ adjusted operating income estimates.

Is Array a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Array’s revenue to grow 34.6% year on year to $311.5 million, a reversal from the 34% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.20 per share.

Array Total Revenue

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Array has missed Wall Street’s revenue estimates twice over the last two years.

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 57.1%, beating analysts’ expectations by 22.8%, and Enphase reported revenues up 7.8%, topping estimates by 12%. Bloom Energy traded up 18% following the results while Enphase was down 15.3%.

Read our full analysis of Bloom Energy’s results here and Enphase’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 down 5.8% during the same time and is heading into earnings with an average analyst price target of $10.22 (compared to the current share price of $8.41).

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