Array Technologies (NASDAQ:ARRY) stock is rallying after the company reported higher-than-expected fourth-quarter revenue and named a new CEO. Array develops solar tracking systems for solar energy projects.
Array reported that its Q4 revenue had jumped 22% year over year to $220 million. Its sales came in $6.7 million above analysts’ average estimate.
On the bottom line, Array reported a per-share loss of 25 cents, worse than estimates of a loss of 10 cents. Array noted that it had paid higher prices for materials last quarter as it struggled with supply-chain difficulties.
For its current fiscal year, Array expects sales of $1.45 billion to $1.75 billion, versus the average estimate of $1.39 billion. As far as profitability for this year, it expects its EPS to be 55 cents to 74 cents, compared with analysts’ mean outlook of 71 cents.
What Happened With ARRY Stock
“Despite a challenging 2021 it is important to re-iterate that the foundation of Array’s growth remains stronger than ever,” said Array CEO Jim Fusaro in a statement. “This is most evident by the fact that we enter 2022 with $1.8 billion in executed contracts and awarded orders.”
Meanwhile, Array announced that it had hired Kevin Hostetler as its new CEO. Hostetler is expected to take the company’s helm on April 18.
For about four years, Hostetler served as CEO of Rotork (OTCMKTS:RTOXF), which describes itself as a “market-leading provider of flow control solutions for oil and gas, water and wastewater, power, chemical, process and industrial applications.” Before joining that company, Hostetler was FDH Infrastructure Services’ CEO for over three years. The latter company provides “engineering, nondestructive evaluation, and construction services” for operators of critical infrastructure.
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.