Array Technologies, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting revenue within its guidance range and achieving a strong adjusted gross margin of 35.4%. The company's orderbook remained healthy at $2 billion, with over 20% of its global orderbook now comprising orders for OmniTrack, demonstrating the expansion of solar projects utilizing diverse terrain.
For the full year 2024, Array Technologies narrowed its revenue guidance to between $910 million and $940 million, with the midpoint reflecting anticipated softness in the Brazil market. The company now expects an adjusted gross margin of approximately 34% for the year, driven by the realization of torque tube and structural fastener 45X benefits and strong operational execution.
However, the expected Adjusted EBITDA and Adjusted net income per share ranges were moved slightly lower compared to prior guidance, attributed to project mix within the narrowed top-line guide, increased strategic investments, and additional non-recurring expenses. Despite these adjustments, the company anticipates increased free cash flow of $100 million to $115 million due to a focus on working capital enhancements.
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