Array Technologies Lowers FY24 Outlook: Adj EPS From $1.00-$1.15 To $0.64-$0.74 Vs $1.08 Estimate; Sales From $1.25B-$1.40B To $900M-$1.00B Vs $1.30B Estimate

Author: Benzinga Newsdesk | August 08, 2024 04:42pm

Full Year 2024 Guidance

 

For the year ending December 31, 2024, the Company expects:

• Revenue to be in the range of $900 million to $1,000 million
• Adjusted EBITDA(2) to be in the range of $185 million to $210 million
• Adjusted net income per share(2) to be in the range of $0.64 to $0.74
   

We now expect volume to be down, due to the changes in expected customer project timing, with declining ASP when compared to 2023. For the third quarter specifically, we expect revenue between $220 to $235 million. Finally, we expect adjusted gross margin to increase to low-to-mid-thirties percent of sales for the year from our previous guidance of low-thirties percent of sales, driven by the realization of torque tube and structural fastener 45X benefits.

Posted In: ARRY