We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Enphase Energy (ENPH) Q1 Earnings Beat Estimates, Revenues Up Y/Y
Read MoreHide Full Article
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2021 adjusted earnings of 56 cents per share, which surpassed the Zacks Consensus Estimate of 41 cents by 36.6%. The bottom line also surged 47.4% from 38 cents reported in the prior-year quarter.
Including one-time adjustments, the company posted GAAP earnings of 22 cents per share compared with 50 cents in the year-ago quarter.
The year-over-year uptick can be attributed to solid revenues and operating income growth in the first quarter.
Revenues
Enphase Energy’s first-quarter revenues of $301.8 million beat the Zacks Consensus Estimate of $293 million by 3.1%. The top line soared 105.2% on solid shipments from the year-ago quarter’s $205.5 million.
Operational Highlights
Enphase Energy’s total shipments during the reported quarter amounted to approximately 830 megawatts DC or 2,452,765 microinverters.
The company concluded two acquisitions — Sofdesk, Inc. and the Solar Design Services business of DIN Engineering Services, LLP — to accelerate its digital transformation.
Gross profit totaled $122.9 million, soaring 52.4% from $80.7 million a year ago.
Total operating expenses surged 71.2% year over year to $61.6 million. This can be attributed to higher research and development, sales and marketing, and general and administrative expenses.
Operating income during the quarter totaled $61.4 million compared with $44.7 million in the year-ago quarter.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy had $1,489 million of cash and cash equivalents as of Mar 31, 2021, up from $679.4 million at the end of 2020.
Cash flow from operating activities amounted to $75.8 million in first-quarter 2021 compared with $39.2 million in the year-ago period.
Q2 Guidance
For second-quarter 2021, Enphase Energy expects revenues of $300-$320 million. The Zacks Consensus Estimate for the same is pegged at $318 million, higher than the midpoint of the company’s guided range.
Adjusted operating expenses are expected between $53 million and $56 million, excluding approximately $17 million estimated for stock-based compensation expenses, acquisition-related expenses and amortization.
SolarEdge Technologies (SEDG - Free Report) is set to release first-quarter numbers on May 3.
Sunrun (RUN - Free Report) is set to release first-quarter 2021 results on May 5.
SunPower Corporation (SPWR - Free Report) is set to release first-quarter 2021 results on May 5.
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.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Image: Bigstock
Enphase Energy (ENPH) Q1 Earnings Beat Estimates, Revenues Up Y/Y
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2021 adjusted earnings of 56 cents per share, which surpassed the Zacks Consensus Estimate of 41 cents by 36.6%. The bottom line also surged 47.4% from 38 cents reported in the prior-year quarter.
Including one-time adjustments, the company posted GAAP earnings of 22 cents per share compared with 50 cents in the year-ago quarter.
The year-over-year uptick can be attributed to solid revenues and operating income growth in the first quarter.
Revenues
Enphase Energy’s first-quarter revenues of $301.8 million beat the Zacks Consensus Estimate of $293 million by 3.1%. The top line soared 105.2% on solid shipments from the year-ago quarter’s $205.5 million.
Operational Highlights
Enphase Energy’s total shipments during the reported quarter amounted to approximately 830 megawatts DC or 2,452,765 microinverters.
The company concluded two acquisitions — Sofdesk, Inc. and the Solar Design Services business of DIN Engineering Services, LLP — to accelerate its digital transformation.
Gross profit totaled $122.9 million, soaring 52.4% from $80.7 million a year ago.
Total operating expenses surged 71.2% year over year to $61.6 million. This can be attributed to higher research and development, sales and marketing, and general and administrative expenses.
Operating income during the quarter totaled $61.4 million compared with $44.7 million in the year-ago quarter.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy, Inc. price-consensus-eps-surprise-chart | Enphase Energy, Inc. Quote
Financial Performance
Enphase Energy had $1,489 million of cash and cash equivalents as of Mar 31, 2021, up from $679.4 million at the end of 2020.
Cash flow from operating activities amounted to $75.8 million in first-quarter 2021 compared with $39.2 million in the year-ago period.
Q2 Guidance
For second-quarter 2021, Enphase Energy expects revenues of $300-$320 million. The Zacks Consensus Estimate for the same is pegged at $318 million, higher than the midpoint of the company’s guided range.
Adjusted operating expenses are expected between $53 million and $56 million, excluding approximately $17 million estimated for stock-based compensation expenses, acquisition-related expenses and amortization.
Adjusted gross margin is likely to be 38-41%.
Zacks Rank
Enphase Energy currently carries a Zacks Rank #2 (Buy). 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 set to release first-quarter numbers on May 3.
Sunrun (RUN - Free Report) is set to release first-quarter 2021 results on May 5.
SunPower Corporation (SPWR - Free Report) is set to release first-quarter 2021 results on May 5.
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.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>