Shares of Array Technologies jumped higher today, up by 10% as of 3:10 p.m. EST, after the company reported third-quarter earnings. This was Array's first earnings release as a public company following its IPO last month. It does not yet have coverage from Wall Street analysts, since it went public just a few weeks ago.
Revenue in the third quarter was $139.5 million, which resulted in adjusted net income of $8.8 million, or $0.07 per share. The solar tracking company reported adjusted EBITDA of $16.6 million. The company raised $140.2 million in net proceeds from its upsized offering. The strong investor demand for the IPO had led analysts to upgrade Flex, which has a similar solar tracking division.
"Since the close of the quarter, customer activity has increased, and we are in advanced discussions on a number of sizable new orders," CEO Jim Fusaro said in a statement. "Most importantly, we are beginning to see results from the groundwork we laid for international expansion as several of the orders we are currently negotiating are for projects located outside of the U.S."
Array provided guidance for 2020 that calls for total revenue in the range of $845 million to $865 million. Adjusted EBITDA is forecast at $156 million to $160 million, and Array expects to report adjusted earnings per share of $0.82 to $0.86 this year.
"Going forward, we will be providing annual guidance as part of our fourth-quarter and full-year earnings announcements," CFO Nipul Patel said. "We will not be providing quarterly guidance in future periods."