Solar tracking systems manufacturer Array (NASDAQ:ARRY) will be announcing earnings results tomorrow after the bell. Here’s what investors should know.
Array beat analysts’ revenue expectations by 9.2% last quarter, reporting revenues of $255.8 million, down 49.6% year on year. Despite the top line beat, it was a weaker quarter for the company, with full-year revenue guidance missing analysts’ expectations.
Is Array a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Array’s revenue to decline 33.5% year on year to $232.9 million, a further deceleration from the 32% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.14 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Array has missed Wall Street’s revenue estimates twice over the last two years.
Looking at Array’s peers in the renewable energy segment, some have already reported their Q3 results, giving us a hint as to what we can expect. American Superconductor delivered year-on-year revenue growth of 60.2%, beating analysts’ expectations by 6.1%, and Generac reported revenues up 9.6%, topping estimates by 1%. American Superconductor traded up 4.3% following the results while Generac was also up 2.3%.
Read our full analysis of American Superconductor’s results here and Generac’s results here.
There has been positive sentiment among investors in the renewable energy segment, with share prices up 2.7% on average over the last month. Array is up 16.6% during the same time and is heading into earnings with an average analyst price target of $12 (compared to the current share price of $7.51).
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