Albuquerque-based Array Technologies Inc. expects its annual revenue to blow past $1 billion in 2021.
If accurate, that would represent a monumental achievement for the homegrown New Mexico manufacturing firm, which makes solar tracking systems for photovoltaic panels.
The company, which went public in October on the Nasdaq Global Market, reported $872.7 million in revenue for 2020, reflecting a 35% jump over the $647.9 million it reported in 2019. Its net income grew by 49% to $59.1 million last year, up from $39.7 million in 2019.
Now, the company is projecting another 30% jump in revenue for 2021, potentially climbing to $1.13 billion. It already has $654 million in backlogged orders scheduled for delivery this year, said Array Chief Financial Officer Nipul Patel in a year-end earnings conference call Tuesday.
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ALBUQUERQUE, N.M., Feb. 19, 2021 (GLOBE NEWSWIRE) Array Technologies, Inc. (the Company or Array ) (Nasdaq: ARRY) today announced that the company will release its fourth quarter and full-year 2020 results after the market close on Tuesday, March 9th, 2021, to be followed by a conference call at 5:00 p.m. (Eastern Time) on the same day.
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Oaktree-backed solar firm Shoals rises after US$1.9 billion IPO
Brian Eckhouse and Crystal Tse, Bloomberg News
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Solar-power components maker Shoals Technologies Group Inc. rose as much as 40 per cent in its trading debut after its initial public offering topped expectations to raise US$1.9 billion.
Shares of the Portland, Tennessee-based company, opened at US$31.30 Wednesday after selling for US$25 each in the IPO. The shares were up 28 per cent to US$31.93 at 1:56 p.m. in New York trading.
Shoals, along with an entity controlled by investment firm Oaktree Capital Management, sold 77 million shares Tuesday, after marketing 70 million shares for US$22 to US$23.