RTTNews | May 12, 2021 10:35AM EDT

10:35 Wednesday, May 12, 2021 (RTTNews.com) - Shares of Array Technologies, Inc. (ARRY) plunged nearly 35% on Wednesday morning after the tech company's first-quarter profit missed Street expectations. The company also withdrew its full-year outlook citing continued increases in steel and freight costs.

ARRY is currently trading at $16.44, down $8.51 or 34.11%, on the Nasdaq. The company, which went public on October 15 at IPO price of $22 per share, has traded between $16.22 to $54.78 in the 6-month period.

Array Technologies' first-quarter profit plunged to $2.9 million or $0.02 per share from $73.7 million or $0.61 per share last year. Adjusted profit dropped to $23.7 million or $0.19 per share from $82.3 million or $0.69 per share last year.

Revenues decreased 44% to $245.9 million from $437.7 million last year, primarily driven by a reduction in the amount of ITC safe harbor related shipments.

Analysts polled by expected earnings of $0.20 per share on revenues of $238.8 million for the quarter. Analysts' estimates typically exclude one-time items.

"Revenues for the first quarter of 2021 were in line with our expectations and Adjusted EBITDA was slightly below our expectations as a result of higher than expected logistics costs. Results were lower compared to last year because of the unseasonably high volume of shipments we had in the first quarter of 2020 to customers that were 'safe harboring' tracker systems in connection with the ITC step-down," said CEO Jim Fusaro.

CFO Nipul Patel said the company is withdrawing its full year outlook due to the "continuing increases we are seeing in steel and freight costs as well as our ongoing review of open contracts to assess what costs we will pass on to customers."

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