News Formal

Array Technologies' Guidance Shows More Pain for Solar Stocks

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Shares of the solar tracking solutions company are on pace for their worst day in more than two years.

Array Technologies stock cratered Wednesday as the company’s weaker-than-expected outlook reflected the solar energy industry’s continued challenges.

Array said Tuesday evening it expects full-year revenue between $1.525 billion and $1.575 billion, below the Wall Street estimate for $1.622 billion, according to FactSet. The broader solar industry has been having a tough time lately, largely thanks to high interest rates, which have made it more challenging for consumers to finance solar installations. This year, Array shares have fallen 26%—including Wednesday’s drop—while First Solar is off 8.4%, and SunRun has fallen 58%.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rivian, Robinhood, Upstart, Toast, Array, Kyndryl, Sleep Number, and More Market MoversRivian raises production guidance, Robinhood's third-quarter revenue misses analysts' expectations, and Upstart posts a wider-than-expected quarterly loss.
Source: MarketWatch - 🏆 3. / 97 Read more »

Stocks making the biggest moves after hours: eBay, Extra Space Storage, Akamai Technologies and moreSee which stocks are posting big moves after the bell.
Source: CNBC - 🏆 12. / 72 Read more »