Stock Story -
Solar tracking systems manufacturer Array (NASDAQ:ARRY) will be announcing earnings results tomorrow afternoon. Here's what to look for.
Array missed analysts' revenue expectations by 3% last quarter, reporting revenues of $153.4 million, down 59.3% year on year. It was a slower quarter for the company, with a miss of analysts' earnings estimates.
Is Array a buy or sell going into earnings? Find out by reading the original article on StockStory, it's free.
This quarter, analysts are expecting Array's revenue to decline 53.9% year on year to $234.3 million, a reversal from the 20.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.11 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Array has missed Wall Street's revenue estimates twice over the last two years.
Looking at Array's peers in the renewable energy segment, some have already reported their Q2 results, giving us a hint as to what we can expect. American Superconductor delivered year-on-year revenue growth of 33.2%, beating analysts' expectations by 2.4%, and Sunrun reported a revenue decline of 11.2%, topping estimates by 1.2%.
Read the full analysis of American Superconductor's and Sunrun's results on StockStory.
Investors in the renewable energy segment have had steady hands going into earnings, with share prices up 1.6% on average over the last month. Array is down 4.9% during the same time and is heading into earnings with an average analyst price target of $17.8 (compared to the current share price of $8.98).
