Shares of Array Technologies (NASDAQ: ARRY) saw a significant increase in after-hours trading following the company's impressive financial results. The Albuquerque-based provider of solar energy solutions and services reported a profit of $52 million, or 34 cents per share, compared to a loss of $17.21 million, or 11 cents per share, in the previous year. This exceeded analysts' expectations of 5 cents per share.
Array's sales also experienced robust growth, with a 21% increase to $507.7 million, surpassing the estimated $448.7 million. However, the company faced some challenges, including order delays and permitting issues, leading to a revision of its full-year outlook. Array now expects revenue in the range of $1.65 billion to $1.73 billion, down from the previous guidance of $1.8 billion to $1.9 billion. Despite this adjustment, analysts polled by FactSet still anticipate annual revenue of $1.85 billion for Array Technologies.
The stock demonstrated immediate positive reaction in after-hours trade on Tuesday, surging 15% to $20.60. Although shares have declined by 7.5% year-to-date, the latest financial results have given investors reason to be optimistic about Array's future prospects.