US solar tracker provider Array Technologies (NASDAQ:ARRY) has lowered its 2023 revenue forecast as it continues to be affected by short-term delays in project timing caused by customer pushouts.
In the third quarter of the year, revenue fell 32% year-over-year to USD 350.4 million ( EUR 327.8m), due to a 22% decline in MWs shipped and a 12% decrease in the average selling price reflecting lower input costs.
Chief executive Kevin Hostetler, however, said this week that the company continues to see positive demand momentum heading into 2024 and to be encouraged by its operational execution.
Third-quarter gross profit expanded 14% to USD 87.4 million, with gross margin climbing to 24.9% from 14.9% on better pass-through pricing to customers and cost-saving opportunities in freight and material purchases.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to USD 57.4 million from USD 55.4 million.
Net profit to common shareholders was down to USD 10.1 million from USD 28.4 million, while on an adjusted basis it improved to USD 31.4 million from USD 28.9 million.
The company’s full-year outlook for adjusted EBITDA and adjusted earnings per share remains largely unchanged. The adjusted EBITDA guidance now is USD 280 million-290 million, compared to USD 280 million-295 million expected before. Adjusted net profit per share is seen at USD 1.00 to USD 1.05, with the upper end revised down from USD 1.07.
Annual revenue is now expected to be in the range of USD 1,525 million to USD 1,575 million, compared to USD 1,650 million-1,725 million previously.
(USD 1 = EUR 0.935)
Choose your newsletter by Renewables Now. Join for free!
