Array Technologies Posts Strong Preliminary FY22 Results

Array Technologies Stock

Array Technologies (ARRY:NSD) has revealed its preliminary full-year 2022 numbers, impressing investors with its projected revenue growth. The solar tracking solutions and related products provider expects to generate between $1.62 billion and $1.64 billion in revenue, indicating a 50% organic growth in the company’s top line. Array Technologies also anticipates EPS to range from $0.34 to $0.37 and free cash flow generation between $135 million and $137 million. The company’s order book at the end of December 31, 2022, was $1.9 billion.

Looking ahead to 2023, Array Technologies stock expects to see further growth, with revenue predicted to range between $1.8 billion and $1.95 billion and adjusted EBITDA between $240 million and $265 million. These projections have left Wall Street bullish on ARRY, with a consensus price target of $26.25, implying a massive 44.15% potential upside in the stock. Investors have already enjoyed a 56.1% surge in share price over the past year.

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