Array Technologies Inc (NASDAQ: ARRY) stock is up nearly 20% in the premarket this morning on solid Q4 revenue. The U.S. firm also named its new CEO last night.
Net loss printed at $21.9 million versus the year-ago figure of $9.77 million.Per-share loss stood at 25 cents, an increase from last year’s 8 cents.Revenue jumped 22% year-over-year to $219.9 million in fiscal Q4.FactSet consensus was for 10 cents of per-share loss on $213.8 million in revenue.
Array Technologies also named Kevin Hostetler as its new CEO. He is set to take the helm on April 18th and has previously served as the chief executive of Rotork. The stock is still down nearly 25% year-to-date.
Also on Wednesday, Guggenheim upgraded ARRY to buy with a price target of $18 that represents a 45% upside from here.
For fiscal 2022, Array Technologies forecasts revenue to fall between $1.45 billion and $1.75 billion. This compares to analysts at $1.39 billion. The solar tracker company expects up to $210 million of adjusted EBITDA this year. In the earnings press release, CEO Jim Fusaro said:
The foundation of Array’s growth remains stronger than ever. We enter 2022 with $1.80 billion in executed contracts and awarded orders. We have organically more than doubled the legacy Array portion in one year. This translates to forecast revenue growth YoY of over 85% despite the current module challenges and supply disruptions.