Two of the worst-performing U.S. stocks this week, Array Technologies and FTC Solar, both make tracking systems for solar energy systems – that is, they move solar panels around to follow the sun and maximize energy production – but this business has been hurt by rising commodity costs.... [+]Through Thursday afternoon, Array Technologies has plunged 42.7% this week, while FTC Solar has dropped 35.6%posted first quarter earnings of $2.9 million on revenue of $245.
Jim Fusaro, CEO of Array Technologies, stated that while demand is “strong” for its products, his company is dealing with price increases in rolled coil steel and freight shipping costs.of rolled coil steel more than doubled between the first quarter of 2020 and first quarter of 2021 and has increased 10% so far in the second quarter.
FTC Solar, which just went public in late April and has no Wall Street coverage yet, fell 24% on Wednesday alone . But Pavel Molchanov, energy analyst at Raymond James, thinks demand for solar energy products will remain strong as businesses and consumers commit to decarbonization and prices of related commodities will eventually taper off.Fusaro of Array warned the “continuing increases in both steel and freight costs” will impact the companies’ margins in the second quarter and possibly in subsequent quarters “if prices do not normalize.
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