Enphase Energy, Inc. ( ENPH Quick Quote 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.
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’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.
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.
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.
Enphase Energy currently carries a Zacks Rank #2 (Buy).You can see
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