Array Technologies, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2022
March 21, 2023 at 04:13 pm EDT
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Array Technologies, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2022. For the fourth quarter, the company reported sales was USD 402.07 million compared to USD 219.88 million a year ago. Net loss was USD 5.25 million compared to USD 21.9 million a year ago. Basic loss per share from continuing operations was USD 0.11 compared to USD 0.24 a year ago. Diluted loss per share from continuing operations was USD 0.11 compared to USD 0.24 a year ago.
For the full year, sales was USD 1,637.55 million compared to USD 853.32 million a year ago. Net income was USD 4.43 million compared to net loss of USD 50.4 million a year ago. Basic loss per share from continuing operations was USD 0.29 compared to USD 0.51 a year ago. Diluted loss per share from continuing operations was USD 0.29 compared to USD 0.51 a year ago.
Array Technologies, Inc. is a provider of utility-scale solar tracker technology. The Company manufactures ground-mounting tracking systems used in utility and distributed generation solar energy projects worldwide. The Companyâs segments include Array Legacy Operations and STI Legacy Operations. Its principal products are a portfolio of integrated solar tracking systems comprised of software and hardware that include, component parts, such as steel tubing, steel supports, drivelines, center structures, electric motors, motor controller assemblies, bearing assemblies, gearboxes and electronic controllers commonly referred to as a single-axis tracker. Its flagship tracker uses a patented design that allows one motor to drive multiple rows of solar panels. Its products and services include Tracker Systems; DuraTrack HZ v3; Array STI H250; Array OmniTrack, and SmarTrack Software. SmarTrack is its range of software and control-based products designed for utility-scale solar sites.