Stock Track | Array Technologies Plunges 7.4% on Q3 Revenue Miss Despite EPS Beat

Stock Track

2024-11-08

Array Technologies Inc. (NASDAQ: ARRY), a leading manufacturer of solar tracking systems, saw its stock plunge 7.42% on November 7, 2024, following the release of its third-quarter 2024 financial results.

The company reported adjusted earnings per share (EPS) of $0.17, beating analyst estimates of $0.14. However, revenue for the quarter came in at $231.4 million, slightly missing the consensus estimate of $232.6 million.

Despite the strong earnings performance, investors appeared to be concerned about the revenue miss and the company's gross margin, which stood at 33.8% in Q3. Array Technologies also reported record orders of $2 billion during the quarter, indicating robust demand for its products.

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(NASDAQ: ARRY), a leading manufacturer of solar tracking systems, saw its stock plunge 7.42% on November 7, 2024, following the release of its third-quarter 2024 financial results.</p>\n<p>The company reported adjusted earnings per share (EPS) of $0.17, beating analyst estimates of $0.14. However, revenue for the quarter came in at $231.4 million, slightly missing the consensus estimate of $232.6 million.</p>\n<p>Despite the strong earnings performance, investors appeared to be concerned about the revenue miss and the company's gross margin, which stood at 33.8% in Q3. 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