Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2020 adjusted earnings of 30 cents per share, which surpassed the Zacks Consensus Estimate of 24 cents by 25%. The bottom line was in line with the year-ago quarter’s adjusted earnings.
Barring one-time adjustments, the company posted GAAP earnings of 28 cents per share compared with earnings of 23 cents in the year-ago quarter.
Revenues
Enphase Energy’s revenues of $178.5 million in the third quarter surpassed the Zacks Consensus Estimate of $170 million by 5.1%. The top line, however, declined 0.9% from the year-ago quarter’s $180.1 million.
Operational Highlights
Enphase Energy’s total shipments during the reported quarter amounted to approximately 478 megawatts DC or 1,442,743 microinverters.
Gross profit totaled $95 million, soaring 46.8% from $64.7 million a year ago.
Total operating expenses grew 39.4% year over year to $43.2 million. The uptick can be attributed to higher research & development, sales & marketing and general & administrative expenses.
Operating income during the quarter totaled $51.8 million compared with $33.7 million in the year-ago quarter.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Financial Performance
Enphase Energy had $661.8 million of cash and cash equivalents as of Sep 30, 2020, up from $251.4 million at the end of 2019.
Cash flow from operating activities amounted to $67.5 million at the end of third-quarter 2020 compared with $5 million in the year-ago period.
Long-term liabilities were $676.1 million at the end of the third quarter compared with $441 million as of Dec 31, 2019.
Q4 Guidance
For fourth-quarter 2020, Enphase Energy expects revenues of $245-$260 million.
Adjusted operating expenses are expected between $35 million and $38 million, excluding approximately $16 million estimated for stock-based compensation expenses, acquisition-related expenses and amortization.
Adjusted gross margin is likely to be in the range of 37-40%.
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.
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SunPower Corp. (SPWR - Free Report) incurred an adjusted loss of 4 cents per share in third-quarter 2020, narrower than the Zacks Consensus Estimate of a loss of 5 cents.
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Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2020 adjusted earnings of 30 cents per share, which surpassed the Zacks Consensus Estimate of 24 cents by 25%. The bottom line was in line with the year-ago quarter’s adjusted earnings.
Barring one-time adjustments, the company posted GAAP earnings of 28 cents per share compared with earnings of 23 cents in the year-ago quarter.
Revenues
Enphase Energy’s revenues of $178.5 million in the third quarter surpassed the Zacks Consensus Estimate of $170 million by 5.1%. The top line, however, declined 0.9% from the year-ago quarter’s $180.1 million.
Operational Highlights
Enphase Energy’s total shipments during the reported quarter amounted to approximately 478 megawatts DC or 1,442,743 microinverters.
Gross profit totaled $95 million, soaring 46.8% from $64.7 million a year ago.
Total operating expenses grew 39.4% year over year to $43.2 million. The uptick can be attributed to higher research & development, sales & marketing and general & administrative expenses.
Operating income during the quarter totaled $51.8 million compared with $33.7 million in the year-ago quarter.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Financial Performance
Enphase Energy had $661.8 million of cash and cash equivalents as of Sep 30, 2020, up from $251.4 million at the end of 2019.
Cash flow from operating activities amounted to $67.5 million at the end of third-quarter 2020 compared with $5 million in the year-ago period.
Long-term liabilities were $676.1 million at the end of the third quarter compared with $441 million as of Dec 31, 2019.
Q4 Guidance
For fourth-quarter 2020, Enphase Energy expects revenues of $245-$260 million.
Adjusted operating expenses are expected between $35 million and $38 million, excluding approximately $16 million estimated for stock-based compensation expenses, acquisition-related expenses and amortization.
Adjusted gross margin is likely to be in the range of 37-40%.
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.
Recent Solar Releases
First Solar (FSLR - Free Report) reported third-quarter 2020 adjusted earnings of $1.45 per share, which surpassed the Zacks Consensus Estimate of 60 cents by 141.7%.
SunPower Corp. (SPWR - Free Report) incurred an adjusted loss of 4 cents per share in third-quarter 2020, narrower than the Zacks Consensus Estimate of a loss of 5 cents.
An Upcoming Solar Release
SolarEdge Technologies (SEDG - Free Report) carries a Zacks Rank #3 and is set to release third-quarter 2020 results on Nov 2.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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