The following is a summary of the Array Technologies, Inc. (ARRY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Array Technologies generated Q1 revenue of $153 million, exceeding estimates.
Adjusted gross margins in Q1 were 38.3%, driven by a one-time $4M benefit, with a core adjusted gross margin of about 25%.
Free cash flow and total cash balance were $45.1 million and $288 million, respectively.
Recorded about $400 million in new business in Q1, boasting a book-to-bill ratio over 2.5 times and a $2.1 billion order book.
The company plans to maintain gross margins in the low 30% range for the rest of the year, managing financial exposure by aligning deposits with inventory and enforcing cancellation penalties.
Business Progress:
Array Technologies has recorded $1.8 billion in bookings every quarter over the past year, indicative of a growing demand for their products.
The company launched its patented 'Hail Alert Response', enhancing the protection of solar assets from hail damage.
Passive Wind Stow technology has been successful, driving energy production by up to 4.3% in certain wind zones.
It's new manufacturing facility in Albuquerque is expected to be operational by 2026.
The OmniTrack product is gaining traction globally and continues to be a key focus for expanding market share.
The company has established a partnership with a Saudi Arabian aluminium company to penetrate the Middle Eastern market using locally sourced materials.
Focused initiatives have been deployed to speed up the installation process for customers, reflecting the company's commitment to enhance customer experience.
The company is proactively bidding on work in the Middle Eastern region, recognizing it as a major growth market.
More details: Array Technologies IR
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