Array Technologies stock climbs after revenue declines, new CEO announced

Array Technologies Inc. shares rose in Tuesday’s extended session after reporting quarterly revenue and a revenue forecast that beat Wall Street estimates, while a new chief executive officer was appointed.

array technologies ARRY,
-11.33%
Shares were up more than 20% after the close after falling 11.3% in the regular session to close at $10.57.

The provider of solar array equipment and software reported a loss of $32.1 million, or 25 cents a share, in the fourth quarter, compared to a loss of $9.8 million, or 8 cents a share, in the year-ago period. Adjusted loss, which excludes stock-based compensation expense and other items, was 6 cents per share compared to a loss of 8 cents per share in the year-ago period.

Revenue increased to $219.9 million from $180.6 million in the year-ago quarter.

Analysts polled by FactSet had forecast a loss of 3 cents a share on sales of $213.8 million.

The company also announced that Kevin Hostetler will succeed Jim Fusaro as CEO on April 18, as Fusaro intends to retire by the end of the year. Hostetler joins Array Technologies from Rotork ROR, a flow control systems company.
+0.12%,
where he has been CEO for the past four years.

Array Technologies is forecasting adjusted earnings of 55 to 74 cents a share on sales of $1.45 to $1.75 billion for the year.

Analysts had estimated earnings per share at 64 cents on sales of $1.39 billion for the year.

https://www.marketwatch.com/story/array-technologies-stock-surges-following-revenue-beat-announcement-of-new-ceo-11649192156?rss=1&siteid=rss Array Technologies stock climbs after revenue declines, new CEO announced

Brian Lowry

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