Array Technologies reported third-quarter results late Tuesday that soundly beat Wall Street estimates. ARRY stock jumped.
The company reported adjusted earnings of 18 cents share on revenue of $515 million. Analysts expected Array to report earnings of 9 cents on revenue of $398.5 million. Revenue rocketed 173% higher from the year-ago quarter.
ARRY stock surged 16.4% to 19.75, during after-hours trading on the stock market today.
For the year, Array expects revenue in the range of $1.5 billion to $1.6 billion, above analyst estimates for $1.47 billion. It forecasts adjusted income in the range of 32 cents to 37 cents a share, ahead of expectations for 30 cents.
Array is one of the largest manufacturers of trackers, used in ground-mounted solar energy projects. Trackers adjust and align solar panels throughout the day to face the sun at the optimal angle.
Solar energy stocks are receiving a big boost from passage of the Inflation Reduction Act, a bill signed in August that provides $369 billion for the development of green energy. ARRY stock is up 8% this year.
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