Solar tracking systems manufacturer Array (NASDAQ:ARRY) will be reporting results tomorrow before market hours. Here’s what to look for.
Array beat analysts’ revenue expectations by 2.8% last quarter, reporting revenues of $275.2 million, down 19.4% year on year. It was a softer quarter for the company, with full-year EBITDA 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 grow 72.5% year on year to $264.6 million, a reversal from the 59.3% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.09 per share.
Analysts covering the company have generally 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 four times over the last two years.
Looking at Array’s peers in the renewable energy segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Generac delivered year-on-year revenue growth of 5.9%, beating analysts’ expectations by 2.3%, and Bloom Energy reported revenues up 38.6%, topping estimates by 11.9%. Generac’s stock price was unchanged after the resultswhile Bloom Energy was down 8.2%.
Read our full analysis of Generac’s results here and Bloom Energy’s results here.
There has been positive sentiment among investors in the renewable energy segment, with share prices up 13% on average over the last month. Array is up 15.5% during the same time and is heading into earnings with an average analyst price target of $8.06 (compared to the current share price of $5).
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