whytestocks
4 years ago
Just In: $ARRY Array Technologies, Inc (ARRY) Q3 2020 Earnings Call Transcript
Image source: The Motley Fool. Array Technologies, Inc (NASDAQ: ARRY) Q3 2020 Earnings Call Nov 6, 2020 , 8:00 a.m. ET Operator Continue reading For further details see: Array Technologies, Inc (ARRY) Q3 2020 Earnings Call Transcript
Read the whole news ARRY - Array Technologies, Inc (ARRY) Q3 2020 Earnings Call Transcript
crudeoil24
4 years ago
Shares of Array Technologies Inc. (ARRY) charged out of the gate, as the first trade was 34% above where the upsized initial public offering priced. A total of 47.5 million shares were sold in the IPO, as the New Mexico-based maker of ground-mounting systems used in solar energy projects sold 7 million shares to raise $154 million and a selling shareholder sold 40.5 million shares. The IPO priced at $22, above the top of the expected range of $19 to $21. With about 127.0 million shares outstanding, the IPO pricing valued the company at about $2.79 billion. The selling shareholder, a parent entity of the company controlled by Oaktree Capital, has increased the amount it planned to sell a number of times, starting at 26.75 million shares on Oct. 7, to 38.00 million shares on Oct. 13 and to 40.50 million shares late Wednesday. For the six months ended June 30, the company recorded net income of $76.1 million on revenue of $552.6 million, after a net loss of $5.2 million on revenue of $255.4 million in the same period a year ago. Goldman Sachs, J.P. Morgan, Guggenheim Securities and Morgan Stanley were the lead underwriters. The company went public at a time of good demand for IPOs, as the Renaissance IPO ETF (IPO) has rallied 28.7% over the past three months while the S&P 500 has gained 7.3%.
-Tomi Kilgore
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(END) Dow Jones Newswires
October 15, 2020 12:54 ET (16:54 GMT)
crudeoil24
4 years ago
Array Technologies, Inc. is a manufacturer of ground-mounting systems used in solar energy projects. The Companyβs principal product is an integrated system of steel supports, electric motors, gearboxes and electronic controllers. It sells its products to engineering, procurement and construction firms (EPCs) that build solar energy projects and to solar developers, independent power producers and utilities, often under master supply agreements or multi-year procurement contracts. The Companyβs DuraTrack HZ v3 is single axis tracker and incorporates features, such as a single bolt per module mounting system. SmarTrack uses site-specific historical weather and energy production data, in combination with machine learning algorithms, to identify the position for a solar array in real time.