Benzinga | Nov 12, 2021 12:50PM EST

Why Array Technologies Shares Are Rising

Array Technologies Inc (NASDAQ:ARRY) shares are trading higher after the company announced it will acquire STI Norland. The company also reported third-quarter results.

Array Technologies reported quarterly losses of 7 cents per share which missed the analyst consensus estimate of a loss of 5 cents. Array Technologies also reported quarterly sales of $192.10 million which missed the analyst consensus estimate of $203.45 million by 6%.

"We are making good progress working off our legacy, lower-priced backlog and we believe the 'hangover' effect on our margins from those orders will dissipate by the first quarter of 2022," said Nipul Patel, Chief Financial Officer of Array Technologies.

"We believe our full-year 2021 results will be within the range of the guidance we have provided, but likely at the lower end given continued constraints on freight availability which could impact our ability to ship product in the fourth quarter. Any shipments that are delayed from the fourth quarter will result in higher revenues in the first quarter of 2022," Patel stated.

Array Technologies has a 52-week high of $54.78 and a 52-week low of $12.72.