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 Up Y/Y, Revenues Beat
Read MoreHide Full Article
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2022 adjusted earnings of 79 cents per share, which improved by 41.1% from 56 cents per share reported in the prior-year quarter.
Including one-time adjustments, the company posted GAAP earnings of 37 cents per share, up 68.2% from 22 cents in the year-ago quarter.
The Zacks consensus estimate for first quarter earnings is pegged at 68 cents.
Revenues
Enphase Energy’s first-quarter revenues of $441.3 million beat the Zacks Consensus Estimate of $434 million by 1.7%. The top line soared 46.2% from the year-ago quarter’s $301.8 million, driven by the strong demand for its microinverter as well as battery systems.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy’s total shipments during the reported quarter amounted to approximately 1,029 megawatts (MW) or 2,838,693 microinverters and 120.4 MW hours of Enphase IQ Batteries.
The company’s adjusted gross margin contracted by 10 basis points to 41% compared with the year-ago quarter’s margin of 41.1%.
Adjusted operating expenses escalated by 51.6% year over year to $66.3 million. Adjusted operating income during the quarter soared 42.7% to $114.5 million compared with $80.2 million in the year-ago quarter.
Financial Performance
Enphase Energy had $251.9 million of cash and cash equivalents as of Mar 31, 2022, up from $119.3 million as of Dec 31, 2021.
Cash flow from operating activities amounted to $102.4 million during the first quarter of 2022 compared with $75.8 million in the first quarter of 2021.
Q2 Guidance
For the second quarter of 2022, ENPH expects revenues in the range of $490-$520 million. The Zacks Consensus Estimate for the same is pegged at $477.5 million, which lies below the company guided range.
Adjusted operating expenses are expected between $70.5 million and $73.5 million, excluding approximately $57 million estimated for stock-based compensation expenses and acquisition-related costs and amortization.
Adjusted gross margin is likely to be 38-41%, excluding stock-based compensation expenses.
SolarEdge Technologies (SEDG - Free Report) is slated to release first-quarter 2022 results on May 2. SolarEdge boasts a long-term earnings growth rate of 24.7%.
The Zacks Consensus Estimate for SEDG’s first-quarter earnings, pegged at $1.32 per share, implies a year-over-year improvement of 34.7%. SolarEdge has a four-quarter earnings surprise of 5.69%.
SunPower Corporation ( (SPWR - Free Report) is scheduled to release first-quarter 2022 results on May 5. SunPower has a four-quarter earnings surprise of 8.33%.
The Zacks Consensus Estimate for SPWR’s first-quarter earnings, pegged at 3 cents per share, implies a year-over-year decline of 40%.
Sunrun (RUN - Free Report) is slated to release first-quarter 2022 results on May 4. The Zacks Consensus Estimate for Sunrun’s first-quarter earnings, pegged at a loss of 14 cents per share, implies a year-over-year decline of 27.3%.
The Zacks Consensus Estimate for RUN’s first-quarter sales, pegged at $382.9 million, suggests year-over-year growth of 14.4%. Sunrun has a four-quarter negative earnings surprise of 186.67%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Enphase Energy (ENPH) Q1 Earnings Up Y/Y, Revenues Beat
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2022 adjusted earnings of 79 cents per share, which improved by 41.1% from 56 cents per share reported in the prior-year quarter.
Including one-time adjustments, the company posted GAAP earnings of 37 cents per share, up 68.2% from 22 cents in the year-ago quarter.
The Zacks consensus estimate for first quarter earnings is pegged at 68 cents.
Revenues
Enphase Energy’s first-quarter revenues of $441.3 million beat the Zacks Consensus Estimate of $434 million by 1.7%. The top line soared 46.2% from the year-ago quarter’s $301.8 million, driven by the strong demand for its microinverter as well as 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 during the reported quarter amounted to approximately 1,029 megawatts (MW) or 2,838,693 microinverters and 120.4 MW hours of Enphase IQ Batteries.
The company’s adjusted gross margin contracted by 10 basis points to 41% compared with the year-ago quarter’s margin of 41.1%.
Adjusted operating expenses escalated by 51.6% year over year to $66.3 million. Adjusted operating income during the quarter soared 42.7% to $114.5 million compared with $80.2 million in the year-ago quarter.
Financial Performance
Enphase Energy had $251.9 million of cash and cash equivalents as of Mar 31, 2022, up from $119.3 million as of Dec 31, 2021.
Cash flow from operating activities amounted to $102.4 million during the first quarter of 2022 compared with $75.8 million in the first quarter of 2021.
Q2 Guidance
For the second quarter of 2022, ENPH expects revenues in the range of $490-$520 million. The Zacks Consensus Estimate for the same is pegged at $477.5 million, which lies below the company guided range.
Adjusted operating expenses are expected between $70.5 million and $73.5 million, excluding approximately $57 million estimated for stock-based compensation expenses and acquisition-related costs and amortization.
Adjusted gross margin is likely to be 38-41%, excluding stock-based compensation expenses.
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 slated to release first-quarter 2022 results on May 2. SolarEdge boasts a long-term earnings growth rate of 24.7%.
The Zacks Consensus Estimate for SEDG’s first-quarter earnings, pegged at $1.32 per share, implies a year-over-year improvement of 34.7%. SolarEdge has a four-quarter earnings surprise of 5.69%.
SunPower Corporation ( (SPWR - Free Report) is scheduled to release first-quarter 2022 results on May 5. SunPower has a four-quarter earnings surprise of 8.33%.
The Zacks Consensus Estimate for SPWR’s first-quarter earnings, pegged at 3 cents per share, implies a year-over-year decline of 40%.
Sunrun (RUN - Free Report) is slated to release first-quarter 2022 results on May 4. The Zacks Consensus Estimate for Sunrun’s first-quarter earnings, pegged at a loss of 14 cents per share, implies a year-over-year decline of 27.3%.
The Zacks Consensus Estimate for RUN’s first-quarter sales, pegged at $382.9 million, suggests year-over-year growth of 14.4%. Sunrun has a four-quarter negative earnings surprise of 186.67%.