We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
What's in Store for Array Technologies (ARRY) in Q3 Earnings?
Read MoreHide Full Article
Array Technologies, Inc. (ARRY - Free Report) is slated to report third-quarter 2023 results on Nov 7, after market close.
In the last reported quarter, the company delivered an earnings surprise of 147.37%. It also delivered a trailing four-quarter average earnings surprise of 235.45%.
Factors to Note
Increasing average selling price of ARRY’s products is likely to have favorably contributed to its third-quarter revenues.
However, America’s high-interest rate environment has led to a surge in financing costs for panel installations for the past few months. As a result, the demand scenario in the U.S. market has been a bit bleak lately, which, in turn, might have affected Array Technologies’ megawatt shipments and, thereby, its revenues in the third quarter.
Also, a shift in delivery timing of some of the company’s projects to 2024 from 2023 might have had an adverse impact on its third-quarter top-line performance.
The Zacks Consensus Estimate for revenues is pegged at $388.3 million, indicating a 24.6% decline from the year-ago quarter’s reported number.
Operating expenses are expected to have been higher year over year in the third quarter, owing to an increase in headcount and higher professional fees related to accounting and finance transformation initiatives. This, along with dismal revenue expectations as well as high interest expenses, might have adversely impacted ARRY’s quarterly bottom-line performance amid the company’s cost-saving initiatives.
The Zacks Consensus Estimate for third-quarter earnings is pegged at 11 cents per share, implying a decline of 39% from the year-ago quarter’s reported figure.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Array Technologies this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here.
Earnings ESP: ARRY’s Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Here are three companies from the same sector you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Enovix Corporation (ENVX - Free Report) currently has an Earnings ESP of +8.33% and a Zacks Rank #3. The Zacks Consensus Estimate for Enovix’s third-quarter sales is pegged at $0.18 million.
The consensus estimate for third-quarter earnings is pegged at a loss of 24 cents per share. ENVX has a trailing four-quarter average earnings surprise of 1.29%.
Crescent Energy Company (CRGY - Free Report) currently has an Earnings ESP of +30.52% and a Zacks Rank #2. The Zacks Consensus Estimate for Crecent Energy’s third-quarter sales implies a decline of 34.7% from the prior-year reported figure.
CRGY delivered a trailing four-quarter average earnings surprise of 177.30%. The consensus estimate for third-quarter earnings is pegged at 26 cents per share.
Devon Energy (DVN - Free Report) currently has an Earnings ESP of +0.72% and a Zacks Rank #2. The Zacks Consensus Estimate for third-quarter sales is pegged at $4.03 billion, indicating a decline of 25.8% from the year-ago quarter’s reported number.
The consensus mark for third-quarter earnings is pegged at $1.55 per share. The company delivered a trailing four-quarter average earnings surprise of 0.78%.
Image: Bigstock
What's in Store for Array Technologies (ARRY) in Q3 Earnings?
Array Technologies, Inc. (ARRY - Free Report) is slated to report third-quarter 2023 results on Nov 7, after market close.
In the last reported quarter, the company delivered an earnings surprise of 147.37%. It also delivered a trailing four-quarter average earnings surprise of 235.45%.
Factors to Note
Increasing average selling price of ARRY’s products is likely to have favorably contributed to its third-quarter revenues.
Array Technologies, Inc. Price and EPS Surprise
Array Technologies, Inc. price-eps-surprise | Array Technologies, Inc. Quote
However, America’s high-interest rate environment has led to a surge in financing costs for panel installations for the past few months. As a result, the demand scenario in the U.S. market has been a bit bleak lately, which, in turn, might have affected Array Technologies’ megawatt shipments and, thereby, its revenues in the third quarter.
Also, a shift in delivery timing of some of the company’s projects to 2024 from 2023 might have had an adverse impact on its third-quarter top-line performance.
The Zacks Consensus Estimate for revenues is pegged at $388.3 million, indicating a 24.6% decline from the year-ago quarter’s reported number.
Operating expenses are expected to have been higher year over year in the third quarter, owing to an increase in headcount and higher professional fees related to accounting and finance transformation initiatives. This, along with dismal revenue expectations as well as high interest expenses, might have adversely impacted ARRY’s quarterly bottom-line performance amid the company’s cost-saving initiatives.
The Zacks Consensus Estimate for third-quarter earnings is pegged at 11 cents per share, implying a decline of 39% from the year-ago quarter’s reported figure.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Array Technologies this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here.
Earnings ESP: ARRY’s Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Array Technologies currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Here are three companies from the same sector you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Enovix Corporation (ENVX - Free Report) currently has an Earnings ESP of +8.33% and a Zacks Rank #3. The Zacks Consensus Estimate for Enovix’s third-quarter sales is pegged at $0.18 million.
The consensus estimate for third-quarter earnings is pegged at a loss of 24 cents per share. ENVX has a trailing four-quarter average earnings surprise of 1.29%.
Crescent Energy Company (CRGY - Free Report) currently has an Earnings ESP of +30.52% and a Zacks Rank #2. The Zacks Consensus Estimate for Crecent Energy’s third-quarter sales implies a decline of 34.7% from the prior-year reported figure.
CRGY delivered a trailing four-quarter average earnings surprise of 177.30%. The consensus estimate for third-quarter earnings is pegged at 26 cents per share.
Devon Energy (DVN - Free Report) currently has an Earnings ESP of +0.72% and a Zacks Rank #2. The Zacks Consensus Estimate for third-quarter sales is pegged at $4.03 billion, indicating a decline of 25.8% from the year-ago quarter’s reported number.
The consensus mark for third-quarter earnings is pegged at $1.55 per share. The company delivered a trailing four-quarter average earnings surprise of 0.78%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.