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Array Technologies' Guidance Shows More Pain for Solar Stocks

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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%.

 

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