Array Technologies, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 27, 2024 at 04:18 pm EST
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Array Technologies, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 341.62 million compared to USD 402.07 million a year ago. Net income was USD 19.34 million compared to net loss of USD 5.25 million a year ago. Basic earnings per share from continuing operations was USD 0.04 compared to basic loss per share from continuing operations of USD 0.11 a year ago. Diluted earnings per share from continuing operations was USD 0.04 compared to diluted loss per share from continuing operations of USD 0.11 a year ago.
For the full year, sales was USD 1,576.55 million compared to USD 1,637.55 million a year ago. Net income was USD 137.24 million compared to USD 4.43 million a year ago. Basic earnings per share from continuing operations was USD 0.57 compared to basic loss per share from continuing operations of USD 0.29 a year ago. Diluted earnings per share from continuing operations was USD 0.56 compared to diluted loss per share from continuing operations of USD 0.29 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.
ARRAY TECHNOLOGIES, INC. 
