Array Technologies, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 08, 2022 at 05:30 pm EST
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Array Technologies, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 515.02 million compared to USD 188.69 million a year ago. Net income was USD 40.82 million compared to net loss of USD 27.56 million a year ago. Basic earnings per share from continuing operations was USD 0.19 compared to basic loss per share from continuing operations of USD 0.25 a year ago. Diluted earnings per share from continuing operations was USD 0.19 compared to diluted loss per share from continuing operations of USD 0.25 a year ago.
For the nine months, sales was USD 1,235.48 million compared to USD 633.44 million a year ago. Net income was USD 13.54 million compared to net loss of USD 28.5 million a year ago. Basic loss per share from continuing operations was USD 0.15 compared to USD 0.26 a year ago. Diluted loss per share from continuing operations was USD 0.15 compared to USD 0.26 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. 
