Array Technologies beats Q3 revenue estimates; to merge with Shoals Technologies
Overview
Solar infrastructure provider's Q3 revenue rose yr/yr, beating analyst expectations
Adjusted EPS for Q3 missed analyst expectations
Company announced stock-for-stock merger agreement with Shoals Technologies Group
Outlook
Array Technologies lowers 2026 revenue outlook to $1.34 bln-$1.40 bln from $1.4 bln-$1.5 bln
Company cuts 2026 adjusted EBITDA forecast to $190 mln-$210 mln from $210 mln-$230 mln
Array expects Q4 2026 revenue between $445 mln and $505 mln
Result Drivers
ORDERBOOK GROWTH - Co reported record $2.6 bln in executed contracts and awarded orders at end-Q3, up 42% yr/yr, citing strong commercial momentum
PRODUCT EXPANSION - Acquisition of Affordable Wire Management expanded co's product portfolio into wire management and provided access to battery energy storage and data center markets
NEW PRODUCT LAUNCHES - Co launched Atlas I and II integrated solutions and a new 60-degree U.S. tracker variant targeting high wind and hail regions
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $330.20 mln | $322.72 mln (21 Analysts) |
Q3 Adjusted EPS | Miss | $0.06 | $0.09 (20 Analysts) |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 13 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the renewable energy equipment & services peer group is "buy"
Wall Street's median 12-month price target for Array Technologies Inc is $6.00, about 29.3% above its November 3 closing price of $4.64
The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 6 three months ago
Reuters Recommended Reads
Nov 4 - FTC Solar Q3 revenue slightly beats estimates on project wins
Nov 4 - SolarEdge Q3 revenue slightly misses estimates on soft demand
Nov 3 - Primoris Services Q3 revenue falls on lower renewables revenue
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)