: Array Technologies stock surges following revenue beat, announcement of new CEO
Array Technologies Inc. shares surged in the extended session Tuesday after reporting quarterly sales and a revenue outlook that topped Wall Street estimates while naming a new chief executive.
shares rallied more than 20% after hours, following an 11.3% drop in the regular session to close at $10.57.
The solar-plant-equipment and -software provider reported a fourth-quarter loss of $32.1 million, or 25 cents a share, compared with a loss of $9.8 million, or 8 cents a share, in the year-ago period. The adjusted loss, which excludes stock-based compensation expenses and other items, was 6 cents a share, compared with a loss of 8 cents a share in the year-ago period.
Revenue rose to $219.9 million from $180.6 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast a loss of 3 cents a share on revenue of $213.8 million.
The company also announced that Kevin Hostetler will succeed Jim Fusaro as CEO on April 18, as Fusaro intends to retire by the end of the year. Hostetler comes to Array Technologies from flow control systems company Rotork
where he served as CEO for the past four years.
Array Technologies forecast adjusted income of 55 cents to 74 cents a share for the year on revenue of $1.45 billion to $1.75 billion.
Analysts had estimated earnings of 64 cents a share on revenue of $1.39 billion for the year.