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Enphase Energy (ENPH) Q3 Revenues Beat, Earnings Rise Y/Y
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Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2022 adjusted earnings of $1.25 per share, which improved by a solid 108.3% from the 60 cents reported in the prior-year quarter.
Including one-time adjustments, the company posted GAAP earnings of 80 cents per share, up 433.3% from 15 cents in the year-ago quarter.
The Zacks Consensus Estimate for third-quarter earnings is pegged at 77 cents.
Revenues
Enphase Energy’s third-quarter revenues of $634.7 million beat the Zacks Consensus Estimate of $617 million by 2.9%. The top line soared 80.6% from the year-ago quarter’s $351.5 million, driven by the strong demand for its microinverters and battery systems.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy’s total shipments in the reported quarter amounted to approximately 1,709 megawatts (MW) or 4,342,805 microinverters and 133.6 MW hours of Enphase IQ Batteries. The company’s adjusted gross margin expanded 210 basis points year over year to 42.9%.
Adjusted operating expenses escalated by 37.1% year over year to $78.6 million. The adjusted operating income in the quarter soared 125.7% to $193.9 million compared with $85.9 million in the year-ago quarter.
Financial Performance
Enphase Energy had $337.6 million in cash and cash equivalents as of Sep 30, 2022, up from $119.3 million as of Dec 31, 2021.
Cash flow from operating activities amounted to $188 million in the third quarter of 2022 compared with $113.4 million in the third quarter of 2021.
Q4 Guidance
For the fourth quarter of 2022, ENPH expects revenues in the range of $680-$720 million. The Zacks Consensus Estimate for the same is pegged at $664.5 million.
Adjusted operating expenses are expected between $87 million and $91 million, excluding approximately the $65 million estimated for stock-based compensation expenses and acquisition-related costs and amortization.
The adjusted gross margin is likely to be 40-43%, excluding stock-based compensation expenses.
SolarEdge Technologies (SEDG - Free Report) is slated to release third-quarter 2022 results on Nov 7. SolarEdge boasts a long-term earnings growth rate of 27.3%.
The Zacks Consensus Estimate for SEDG’s third-quarter earnings, pegged at $1.45 per share, is on par with the year-ago reported figure. The Zacks Consensus Estimate for SolarEdge’s third-quarter sales is pegged at $826.7 million.
SunPower Corporation (SPWR - Free Report) is scheduled to release third-quarter 2022 results on Nov 8. SunPower has a four-quarter negative earnings surprise of 37.08%.
The Zacks Consensus Estimate for SPWR’s third-quarter earnings, pegged at 10 cents per share, implies year-over-year growth of 66.7%.
First Solar, Inc. (FSLR - Free Report) is slated to report third-quarter 2022 results on Oct 27. It boasts a long-term earnings growth rate of 49.3%. First Solar has a trailing four-quarter earnings surprise of 13.74%, on average.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $761.9 million, suggesting an increase of 30.6% from the year-ago reported figure.
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Enphase Energy (ENPH) Q3 Revenues Beat, Earnings Rise Y/Y
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2022 adjusted earnings of $1.25 per share, which improved by a solid 108.3% from the 60 cents reported in the prior-year quarter.
Including one-time adjustments, the company posted GAAP earnings of 80 cents per share, up 433.3% from 15 cents in the year-ago quarter.
The Zacks Consensus Estimate for third-quarter earnings is pegged at 77 cents.
Revenues
Enphase Energy’s third-quarter revenues of $634.7 million beat the Zacks Consensus Estimate of $617 million by 2.9%. The top line soared 80.6% from the year-ago quarter’s $351.5 million, driven by the strong demand for its microinverters and battery systems.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy, Inc. price-consensus-eps-surprise-chart | Enphase Energy, Inc. Quote
Operational Highlights
Enphase Energy’s total shipments in the reported quarter amounted to approximately 1,709 megawatts (MW) or 4,342,805 microinverters and 133.6 MW hours of Enphase IQ Batteries. The company’s adjusted gross margin expanded 210 basis points year over year to 42.9%.
Adjusted operating expenses escalated by 37.1% year over year to $78.6 million. The adjusted operating income in the quarter soared 125.7% to $193.9 million compared with $85.9 million in the year-ago quarter.
Financial Performance
Enphase Energy had $337.6 million in cash and cash equivalents as of Sep 30, 2022, up from $119.3 million as of Dec 31, 2021.
Cash flow from operating activities amounted to $188 million in the third quarter of 2022 compared with $113.4 million in the third quarter of 2021.
Q4 Guidance
For the fourth quarter of 2022, ENPH expects revenues in the range of $680-$720 million. The Zacks Consensus Estimate for the same is pegged at $664.5 million.
Adjusted operating expenses are expected between $87 million and $91 million, excluding approximately the $65 million estimated for stock-based compensation expenses and acquisition-related costs and amortization.
The adjusted gross margin is likely to be 40-43%, excluding stock-based compensation expenses.
Zacks Rank
Enphase Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Solar Releases
SolarEdge Technologies (SEDG - Free Report) is slated to release third-quarter 2022 results on Nov 7. SolarEdge boasts a long-term earnings growth rate of 27.3%.
The Zacks Consensus Estimate for SEDG’s third-quarter earnings, pegged at $1.45 per share, is on par with the year-ago reported figure. The Zacks Consensus Estimate for SolarEdge’s third-quarter sales is pegged at $826.7 million.
SunPower Corporation (SPWR - Free Report) is scheduled to release third-quarter 2022 results on Nov 8. SunPower has a four-quarter negative earnings surprise of 37.08%.
The Zacks Consensus Estimate for SPWR’s third-quarter earnings, pegged at 10 cents per share, implies year-over-year growth of 66.7%.
First Solar, Inc. (FSLR - Free Report) is slated to report third-quarter 2022 results on Oct 27. It boasts a long-term earnings growth rate of 49.3%. First Solar has a trailing four-quarter earnings surprise of 13.74%, on average.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $761.9 million, suggesting an increase of 30.6% from the year-ago reported figure.