ALBUQUERQUE - Array Technologies (NASDAQ: ARRY), a prominent provider of solar tracker solutions, has announced the addition of Leonardo Serpa as General Manager and Héctor Sánchez as Vice President of Sales for its operations in Europe, the Middle East, and Africa (EMEA). The appointments are part of the company's strategic expansion efforts in the EMEA region.
Leonardo Serpa, joining Array Technologies from his previous role as CEO of Essentia Energia, brings extensive experience in negotiating with global solar and wind equipment suppliers. With a background that includes serving as CEO at Engie Solutions and holding several key positions at ABB Ltd (SIX:ABBN)., Serpa's expertise is expected to drive growth within the EMEA sector. He holds a Ph.D. in Electrical Engineering and an executive MBA, credentials that underscore his readiness for the role.
Héctor Sánchez steps into the newly created position of Vice President of Sales, EMEA, after his tenure as Vice President of Sales for Soltec Trackers. Sánchez's deep understanding of the solar tracker industry and a proven track record in sales leadership across the EMEA region are set to bolster Array Technologies' customer-focused growth strategies.
Neil Manning, President and Chief Operating Officer at Array, emphasized the importance of Serpa and Sánchez's roles in advancing the company's mission to deliver resilient solar solutions tailored to the diverse EMEA market.
Array Technologies, headquartered in the United States, is recognized for its high-quality solar trackers and software that maximize energy production, facilitating the adoption of sustainable energy. The company operates on a global scale, relying on a diversified supply chain and a customer-centric approach to support solar energy developments worldwide.
The press release also included forward-looking statements regarding the company's expectations and projections, which involve risks and uncertainties. These statements are not guarantees of future performance and actual results may differ materially from those projected.
The information in this article is based on a press release statement from Array Technologies, Inc.
In other recent news, Array Technologies, a leading solar energy products company, reported third-quarter revenue of $231 million, surpassing Susquehanna Financial Group's estimates. The company also posted an adjusted EBITDA of $47 million and earnings per share of $0.17, both exceeding expectations. Despite an impact on new orders due to the Anti-Dumping/Countervailing Duty investigation and election uncertainties, the company's backlog remained consistent at around $2 billion.
Susquehanna has revised its stock price target for Array Technologies to $9, while maintaining a positive rating, following these recent developments. BMO Capital Markets also adjusted its price target for the company to $8, maintaining a Market Perform rating, amid ongoing project delays and increased competition.
Array Technologies also announced the introduction of new products, including a 77-degree tracker and SkyLink architecture, expecting strong double-digit growth in 2025. These recent developments suggest a balanced view of the company's performance and potential. The company's robust adjusted gross margin of 35.4% and the steady backlog indicate a stable demand for its solar products and services.
InvestingPro Insights
As Array Technologies (NASDAQ: ARRY) expands its leadership team in the EMEA region, investors should consider some key financial metrics and insights from InvestingPro. The company's market capitalization stands at $1.04 billion, reflecting its significant presence in the solar tracker industry.
Despite the strategic appointments aimed at growth, InvestingPro data shows that Array's revenue declined by 40% in the last twelve months, with a 33.97% decrease in the most recent quarter. This aligns with an InvestingPro Tip indicating that analysts anticipate a sales decline in the current year. The company's efforts to strengthen its EMEA team may be a response to these challenges, aiming to reverse this trend.
On a positive note, Array Technologies maintains a strong gross profit margin of 30.5%, suggesting efficient cost management despite revenue headwinds. Additionally, an InvestingPro Tip highlights that the company's liquid assets exceed short-term obligations, indicating a solid near-term financial position as it pursues expansion.
Investors should be aware that Array's stock price has fallen significantly over the last year, with a 54.82% decline. However, with a fair value estimate of $10 per share according to analyst targets, there may be potential upside from the current price levels if the company's growth strategies prove successful.
For those interested in a deeper analysis, InvestingPro offers 12 additional tips for Array Technologies, providing a more comprehensive view of the company's financial health and market position.
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