A Look Back at Renewable Energy Stocks' Q3 Earnings: Array (NASDAQ:ARRY) Vs The Rest Of The Pack

The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how renewable energy stocks fared in Q3, starting with Array (NASDAQ:ARRY).

Renewable energy companies are buoyed by the secular trend of green energy that is upending traditional power generation. Those who innovate and evolve with this dynamic market can win share while those who continue to rely on legacy technologies can see diminishing demand, which includes headwinds from increasing regulation against “dirty” energy. Additionally, these companies are at the whim of economic cycles, as interest rates can impact the willingness to invest in renewable energy projects.

The 17 renewable energy stocks we track reported a satisfactory Q3. As a group, revenues beat analysts’ consensus estimates by 5.8% while next quarter’s revenue guidance was in line.

While some renewable energy stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3% since the latest earnings results.

Array (NASDAQ:ARRY)

Going public in October 2020, Array (NASDAQ:ARRY) is a global manufacturer of ground-mounting tracking systems for utility and distributed generation solar energy projects.

Array reported revenues of $393.5 million, up 70% year on year. This print exceeded analysts’ expectations by 26.3%. Overall, it was a satisfactory quarter for the company with a beat of analysts’ EPS estimates but a significant miss of analysts’ EBITDA estimates.

“ARRAY posted another outstanding quarter of strong performance across our key metrics, including significant revenue and volume growth year-over-year of 70% and 56%, respectively, delivering our second highest quarter of Adjusted EBITDA on record. Robust bookings in the quarter reflect the deep trust and expanding partnerships we have cultivated with leading developers, utilities, and independent power producers. These customers value long-term operational reliability and performance, reinforcing ARRAY’s competitive advantage in the industry. The completed acquisition of APA in August marks a pivotal moment in our growth strategy – unlocking powerful commercial synergies and accelerating our ability to deliver a more comprehensive and flexible portfolio of tracking, fixed-tilt, and foundation solutions to meet the evolving needs of our customers and the broader solar market,” said Chief Executive Officer, Kevin G. Hostetler.

Array scored the biggest analyst estimates beat of the whole group. Unsurprisingly, the stock is up 12.4% since reporting and currently trades at $9.35.

Is now the time to buy Array? Access our full analysis of the earnings results here, it’s free.

Best Q3: Bloom Energy (NYSE:BE)

Working in stealth mode for eight years, Bloom Energy (NYSE:BE) designs, manufactures, and markets solid oxide fuel cell systems for on-site power generation.

Bloom Energy reported revenues of $519 million, up 57.1% year on year, outperforming analysts’ expectations by 22.8%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

The market seems happy with the results as the stock is up 17.4% since reporting. It currently trades at $133.00.

Is now the time to buy Bloom Energy? Access our full analysis of the earnings results here, it’s free.

Weakest Q3: Generac (NYSE:GNRC)

With its name deriving from a combination of “generating” and “AC”, Generac (NYSE:GNRC) offers generators and other power products for residential, industrial, and commercial use.

Generac reported revenues of $1.11 billion, down 5% year on year, falling short of analysts’ expectations by 6.6%. It was a disappointing quarter as it posted a miss of analysts’ Residential revenue estimates and a significant miss of analysts’ revenue estimates.

As expected, the stock is down 16% since the results and currently trades at $159.80.

Read our full analysis of Generac’s results here.

Plug Power (NASDAQ:PLUG)

Powering forklifts for Walmart’s distribution centers, Plug Power (NASDAQ:PLUG) provides hydrogen fuel cells used to power electric motors.

Plug Power reported revenues of $177.1 million, up 1.9% year on year. This result met analysts’ expectations. However, it was a softer quarter as it logged a miss of analysts’ Product revenue estimates and a significant miss of analysts’ adjusted operating income estimates.

The stock is down 8.4% since reporting and currently trades at $2.35.

Read our full, actionable report on Plug Power here, it’s free.

Enphase (NASDAQ:ENPH)

The first company to successfully commercialize the solar micro-inverter, Enphase (NASDAQ:ENPH) manufactures software-driven home energy products.

Enphase reported revenues of $410.4 million, up 7.8% year on year. This print surpassed analysts’ expectations by 12%. Overall, it was a strong quarter as it also produced a beat of analysts’ EPS estimates and a solid beat of analysts’ adjusted operating income estimates.

The stock is down 1.8% since reporting and currently trades at $36.15.

Read our full, actionable report on Enphase here, it’s free.

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