Array Technologies swings to Q3 profit on record revenue

US solar tracker provider Array Technologies (NASDAQ:ARRY) swung into a net income to common stockholders of USD 28.6 million (EUR 28.5m) in the third quarter of 2022 from a net loss of USD 33 million a year ago as revenues reached a record USD 515 million.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at USD 55.4 million, versus a loss of USD 3.9 million in the same quarter of 2021. The company said this was due to both volume growth and continued gross margin expansion, with gross margin increasing to 15.6% from 3.1%

Revenue growth was 173% boosted by the acquisition of STI Norland, which contributed revenue of USD 114.6 million, while organic growth was 112%.

Chief executive Kevin Hostetler said that while the company expects meaningful growth from the Inflation Reduction Act, there are still unknowns about the final form of the act, which makes it hard to quantify its impact on revenue and margins at this point.

The company also said it is updating its full-year guidance.

(USD 1 = EUR 0.996)

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