Why Array Technologies Stock Plunged Today

Shares of Array Technologies (NASDAQ: ARRY) were down 18.5% as of 3 p.m. ET Wednesday after the solar project technology company announced mixed quarterly results and lowered its full-year outlook.

For its third quarter of 2023, Array Technologies' revenue fell 32% year over year to $350.4 million, translating to non-GAAP (adjusted) net income of $31.4 million, or $0.21 per share. Analysts, on average, were looking for lower adjusted earnings of $0.13 per share, but on higher revenue of $377 million.

Array's top-line decline stemmed from a 22% reduction in the total number of megawatts (MWs) shipped and a 12% drop in average selling price (ASP). total executed contracts and awarded orders arrived at $1.6 billion during the quarter, including $1.4 billion from the company's Array Legacy Operations segment and $200 million from its STI Norland business.

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Source Fool.com