Why Array Technologies Shares Popped Today
One of the big winners in the market today is utility-scale solar-tracker technology company Array Technologies (NASDAQ: ARRY). Shares soared nearly 30% and remained higher by 27.4% as of 11:50 a.m. ET.
The massive stock move came after the company blew away estimates with its second-quarter financial report. The New Mexico-based company reported a $52 million profit -- or $0.34 per share -- in the quarterly period on sales of $508 million.
Analysts, on average, expected sales of just $449 million, with the company expected to report earnings of just $0.05 per share, according to FactSet Research. The results were also a notable reversal in profitability compared to the loss of $0.10 per share it reported in the year-ago quarter.
Source Fool.com
