Array Technologies announces sharp decline in net income in 2021 and red balance sheet

US solar tracker company Array Technologies Inc. reported increasing revenues by 22 percent to $219.9 million in the fourth quarter 2021 compared to $180.6 million for the prior-year period. According to the company, the increase was »primarily driven by continued strong demand« for the product. Net loss to common stockholders was $32.1 million compared to a net loss of $9.8 million during the same period in the prior year.
Revenues in the full year 2021 decreased 2 percent to $853.3 million, driven »by increased supplier and logistics lead times and project delays« which have shifted some deliveries out of 2021 into 2022. The revenues for the full year »were also adversely impacted by a $7.3 million shifting of revenue into future periods due to a correction of an error in the first three quarters of 2021,« says Array Technologies. Net loss to common stockholders was $66.1 million compared to a net income of $59.1 million during the same period in 2020.
For the year 2022, the company expects revenue to be in the range of $1.45 billion to $1.75 billion.
© PHOTON

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