HomeEquities ScoreWhy Array Technologies Inc. (ARRY) stock went down in the after-hours on...

Why Array Technologies Inc. (ARRY) stock went down in the after-hours on Wednesday?

Array Technologies Inc. (ARRY) shares declined 3.72% in after-hours on Wednesday, August 11, 2021, and closed the daily trading at $14.75. In the regular trading session of Wednesday, ARRY’s stock gained 0.92%. ARRY shares have up 13.99% in the past week. Over the past three months, the stock has gained 13.82%, while over the past six months, it has declined 65.28%.

Let’s see what are the latest news and developments about the company?


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ARRY latest financial results announcement

On Aug. 11, 2021, Array Technologies, Inc. (ARRY) released financial results for its second quarter ended June 30, 2021.

ARRY Q2 2021 financial highlights

  • ARRY reported revenue of $202.8 million in Q2 2021 compared to $114.9 million for Q2 2020.
  • In Q2 2021, gross profit was $26.8 million compared to $22.2 million in Q2 2020.
  • Operating expenses were $21.1 million in Q2 2021 compared to $21.0 million in Q2 2020.
  • It suffered a net loss of $17 thousand in Q2 2021 compared to a net income of $2.4 million during Q2 2020.
  • Adjusted EBITDA was $16.2 million in Q2 2021 compared to $13.1 million for Q2 2020.

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Financial guidance for FY 2021

For the full year 2021 ending December 31, 2021, the Company is expecting

  1. Revenues to be in the range of $850 million to $940 million.
  2. Adjusted EBITDA to be in the range of $55 million to $75 million.
  3. Adjusted diluted net income per share to be in the range of $0.15 to $0.25.

AARY Capital Commitment from Blackstone

On August 11, 2021, Array Technologies, Inc. (ARRY), entered into an agreement to sell up to $500 million of perpetual preferred stock to private equity funds managed by Blackstone Energy Partners. Under the terms of the agreement, Array will sell $350 million of perpetual preferred stock to Blackstone at the initial closing and, at the Company’s option, up to an additional $150 million of perpetual preferred stock at any time before June 30, 2023. Array intends to use the proceeds from the initial closing to repay existing indebtedness and fund growth initiatives. In connection with the investment, Blackstone will appoint one member to the Company’s board of directors.

ARRY Stock made new appointments.

On July 13, 2021, Array Technologies (ARRY) appointed Ken Stacherski as Senior Vice President of Operations. In this role, Stacherski will oversee Array’s global integrated supply chain strategy including raw material procurement, supply agreements, and manufacturing operations.

On June 24, 2021, Array Technologies announced two key additions to the executive team. Erica Brinker was appointed chief marketing officer and Tyson K. Hottinger was appointed chief legal officer (CLO) and will oversee all legal, compliance, and governance functions across the organization.

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Conclusion

The ARRY stock negative performance could be linked with its recent refinancing news and it also announced exceptional Q2 2021 financial results yesterday so we are not sure how it will perform in the next trading session.

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