Array Climbs as Bookings, Profit Focus Encourage: Street Wrap
Comment of the Day

August 09 2023

Commentary by Eoin Treacy

Array Climbs as Bookings, Profit Focus Encourage: Street Wrap

This article from Bloomberg may be of interest. Here is a section:

Array Technologies jumps as much as 26%, the most intraday in a year, after boosting its annual adjusted EPS and Ebitda projections, though the maker of renewable energy equipment also lowered its revenue expectations for the year. Analysts are encouraged by Array’s focus on profitability and rebound in bookings.

Eoin Treacy's view

In June, a hailstorm in Scottsbluff Nebraska resulted in the single biggest insurance claim in the solar sector to date. Premiums doubled for the entire sector as a result. Array Technology installs mechanisms on solar panels so they are always pointing directly at the sun. That enhances energy output so they pay for themselves over time. They are also supposd to flip the panels away from oncoming weather when needed. The facility was fitted with Array’s optimization technology but there is some doubt as to whether it was operational at the time of the storm. Today’s announcement suggests the episode has no effect on sales.

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