Array Technologies Q3 Loss Widens

(RTTNews) - Array Technologies, Inc. (ARRY), Thursday reported third-quarter net loss of $31.0 million or $0.24 per share, wider than last year's loss of $7.2 million or $0.06 per share.

Adjusted net loss was $9.8 million or $0.07 per share, compared to adjusted net income of $12.4 million or $0.10 per share last year.

Revenues increased 38% to $192.1 million from $139.5 million a year ago, primarily driven by continued strong demand for products.

Analysts polled by Thomson Reuters estimated a loss of $0.05 per share and revenues of $203.45 million for the quarter.

Looking forward, CEO Nipul Patel said, "We believe our full year 2021 results will be within the range of the guidance we have provided, but likely at the lower end given continued constraints on freight availability which could impact our ability to ship product in the fourth quarter. Any shipments that are delayed from the fourth quarter will result in higher revenues in the first quarter of 2022."