Why Array Technologies Stock Plunged 42% in May
Shares of Array Technologies (NASDAQ: ARRY) were crushed after the company reported earnings on May 11. The solar project technology company's stock dropped 46% the following day. For the full month, shares of Array were down 42.1%, according to data provided by S&P Global Market Intelligence.
The negative sentiment came from a combination of items in the company's first-quarter earnings report. The manufacturer of products for utility-scale solar power projects slightly missed analyst profit expectations, with CEO Jim Fusaro noting "higher than expected logistics costs." But investors were spooked further when CFO Nipul Patel added "we are not able to affirm our previously provided guidance for the full year" until the company reassesses open contracts to adjust for rising steel and freight costs.
Source Fool.com
