{"id":57975,"date":"2022-12-08T09:00:00","date_gmt":"2022-12-08T14:00:00","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=57975"},"modified":"2022-12-07T09:50:50","modified_gmt":"2022-12-07T14:50:50","slug":"1-solar-stock-to-brighten-your-portfolio","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2022\/12\/1-solar-stock-to-brighten-your-portfolio\/","title":{"rendered":"1 Solar Stock to Brighten Your Portfolio"},"content":{"rendered":"

Solar tracking systems and related products manufacturer and supplier Array Technologies, Inc. (ARRY)<\/a> surpassed the consensus revenue and EPS estimates for the third quarter of fiscal 2022 by 29.8% and 77.4%, respectively. <\/p>\n

The company reported revenue of $515 million, compared to $188.70 million in the prior-year period. The revenue growth was driven by the acquisition of STI Norland and strong organic growth within its legacy Array business.<\/p>\n

The company\u2019s net income came in at $28 million compared to an adjusted net loss of $11.80 million in the year-ago quarter. Net income per share came in at $0.18 versus an adjusted net loss per share of $0.09 a year ago.<\/p>\n

Additionally, ARRY produced $102 million of free cash flow during the quarter, allowing the company to pay down its revolving credit facility fully. At quarter-end, the company had access to $166.6 million of the revolving facility and $62.8 million of cash for total liquidity of $229 million, excluding the additional preferred share availability of $100 million.<\/p>\n

\u201cOverall, our performance in the third quarter demonstrates not only the strength of customer demand for our product and service offerings but also the continued effects of our focused efforts to improve our operational execution in all aspects of the business,\u201d<\/em> said ARRY\u2019s CEO, Kevin Hostetler.<\/p>\n

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On August 16, 2022, the Inflation Reduction Act was passed by Congress and signed into law by President Joe Biden. It represents a significant investment by the federal government in renewable energy and related technologies. It includes tax incentives that will spur domestic solar manufacturing<\/a>.<\/p>\n

The IRA is expected to allow the U.S. solar market to grow 40% through 2027, equal to 62 gigawatts (GW) of additional solar capacity, according to forecasts in the U.S. Solar Market Insight Q3 2022 report<\/a> released by the Solar Energy Industries Association (SEIA) and Wood Mackenzie, a Verisk business.<\/p>\n

\u201cThis report provides an early look at how the Inflation Reduction Act will transform America\u2019s energy economy<\/a>, and the forecasts show a wave of clean energy and manufacturing investments that will uplift communities nationwide,\u201d<\/em> said SEIA President and CEO Abigail Ross Hopper.<\/p>\n

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Do you think the Inflation Reduction Act will impact America's energy economy anytime soon?<\/strong><\/p>