Shares of Array Technologies Inc. (NASDAQ: ARRY) soared 5.16% on Wednesday, November 8th, following the company's third-quarter earnings release. The solar tracking solutions provider reported better-than-expected results and provided an optimistic outlook, driving investor confidence.

Despite a 34% year-over-year decline in revenue to $231.4 million, primarily due to project pushouts, Array Technologies demonstrated significant improvements in profitability. The company's adjusted gross margin surged to 35.4%, a remarkable 940 basis point increase compared to the same period last year. Additionally, Array Technologies reported robust adjusted EBITDA of $46.7 million, representing 20.2% of revenue.

A key highlight for Array Technologies was its consistent $2 billion order book, supported by a domestic pipeline over three times larger than the previous year. The company also saw strong traction with its expanded product portfolio, notably the OmniTrack terrain-following tracker, which now accounts for more than 20% of its global order book.