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Enphase Energy (ENPH) Q4 Earnings Beat, Revenues Rise Y/Y
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Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.51 per share, which improved by a solid 106.8% from 73 cents reported in the prior-year quarter. The bottom line also surpassed the Zacks Consensus Estimate of $1.27 by 18.9%.
Including one-time adjustments, the company posted GAAP earnings of $1.06 per share, up 186.5% from 37 cents in the year-ago quarter.
For 2022, the company recorded adjusted earnings of $4.62 per share, up from $2.41 generated during 2021. The full-year earnings also surpassed the Zacks Consensus Estimate of $4.40 per share.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy’s fourth-quarter revenues of $724.7 million beat the Zacks Consensus Estimate of $704 million by 2.9%. The top line soared 75.6% from the year-ago quarter’s $412.7 million, driven by strong demand for its Enphase Energy Systems.
For 2022, the company reported revenues worth $2.33 billion, up from $1.38 billion recorded in 2021. The full-year revenues also beat the Zacks Consensus Estimate of $2.31 billion.
Operational Highlights
Enphase Energy’s total shipments in the reported quarter amounted to approximately 1,709 megawatts (MW) or 4,873,702 microinverters and 122.1 MW hours of Enphase IQ Batteries.
The company’s adjusted gross margin expanded 360 basis points year over year to 43.8%.
Adjusted operating expenses escalated by 28.7% year over year to $87.7 million. The adjusted operating income in the quarter soared 134.7% to $229.4 million compared with $85.9 million in the year-ago quarter.
Financial Performance
Enphase Energy had $473.2 million in cash and cash equivalents as of Dec 31, 2022, up from $119.3 million as of Dec 31, 2021.
Cash flow from operating activities amounted to $744.8 million during 2022, compared with $352 million in 2021.
Q1 Guidance
For the first quarter of 2023, ENPH expects revenues in the range of $700-$740 million. The Zacks Consensus Estimate for the same is pegged at $673.9 million, which comes lower than the company’s guidance range.
Adjusted operating expenses are expected between $100 million and $104 million, excluding approximately the $77 million estimated for stock-based compensation expenses and acquisition-related costs and amortization.
The adjusted gross margin is likely to be 41-44%, excluding stock-based compensation expenses.
Zacks Rank
Enphase Energy currently carries a Zacks Rank #4 (Sell).
SolarEdge Technologies (SEDG - Free Report) is slated to release fourth-quarter 2022 results on Feb 13. SolarEdge boasts a long-term earnings growth rate of 34.5%.
The Zacks Consensus Estimate for SEDG’s fourth-quarter earnings, pegged at $1.59 per share, implies an improvement of 44.6% from the year-ago quarter’s reported figure. The Zacks Consensus Estimate for SolarEdge’s fourth-quarter sales is pegged at $875.4 million.
SunPower Corporation (SPWR - Free Report) is scheduled to release fourth-quarter 2022 results on Feb 15. SunPower has a four-quarter negative earnings surprise of 79.58%, on average.
The Zacks Consensus Estimate for SPWR’s fourth-quarter earnings, pegged at 15 cents per share, implies growth of 314.3% from the fourth-quarter 2021 figure. The Zacks Consensus Estimate for SunPower’s fourth-quarter sales is pegged at $491.3 million.
First Solar, Inc. (FSLR - Free Report) is slated to report fourth-quarter 2022 results soon. First Solar has a trailing four-quarter negative earnings surprise of 2.93%, on average.
The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $997.4 million, indicating an increase of 9.9% from the year-ago reported figure. The Zacks Consensus Estimate for First Solar’s fourth-quarter earnings is pegged at a loss of 18 cents per share.
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Enphase Energy (ENPH) Q4 Earnings Beat, Revenues Rise Y/Y
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.51 per share, which improved by a solid 106.8% from 73 cents reported in the prior-year quarter. The bottom line also surpassed the Zacks Consensus Estimate of $1.27 by 18.9%.
Including one-time adjustments, the company posted GAAP earnings of $1.06 per share, up 186.5% from 37 cents in the year-ago quarter.
For 2022, the company recorded adjusted earnings of $4.62 per share, up from $2.41 generated during 2021. The full-year earnings also surpassed the Zacks Consensus Estimate of $4.40 per share.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy, Inc. price-consensus-eps-surprise-chart | Enphase Energy, Inc. Quote
Revenues
Enphase Energy’s fourth-quarter revenues of $724.7 million beat the Zacks Consensus Estimate of $704 million by 2.9%. The top line soared 75.6% from the year-ago quarter’s $412.7 million, driven by strong demand for its Enphase Energy Systems.
For 2022, the company reported revenues worth $2.33 billion, up from $1.38 billion recorded in 2021. The full-year revenues also beat the Zacks Consensus Estimate of $2.31 billion.
Operational Highlights
Enphase Energy’s total shipments in the reported quarter amounted to approximately 1,709 megawatts (MW) or 4,873,702 microinverters and 122.1 MW hours of Enphase IQ Batteries.
The company’s adjusted gross margin expanded 360 basis points year over year to 43.8%.
Adjusted operating expenses escalated by 28.7% year over year to $87.7 million. The adjusted operating income in the quarter soared 134.7% to $229.4 million compared with $85.9 million in the year-ago quarter.
Financial Performance
Enphase Energy had $473.2 million in cash and cash equivalents as of Dec 31, 2022, up from $119.3 million as of Dec 31, 2021.
Cash flow from operating activities amounted to $744.8 million during 2022, compared with $352 million in 2021.
Q1 Guidance
For the first quarter of 2023, ENPH expects revenues in the range of $700-$740 million. The Zacks Consensus Estimate for the same is pegged at $673.9 million, which comes lower than the company’s guidance range.
Adjusted operating expenses are expected between $100 million and $104 million, excluding approximately the $77 million estimated for stock-based compensation expenses and acquisition-related costs and amortization.
The adjusted gross margin is likely to be 41-44%, excluding stock-based compensation expenses.
Zacks Rank
Enphase Energy currently carries a Zacks Rank #4 (Sell).
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 fourth-quarter 2022 results on Feb 13. SolarEdge boasts a long-term earnings growth rate of 34.5%.
The Zacks Consensus Estimate for SEDG’s fourth-quarter earnings, pegged at $1.59 per share, implies an improvement of 44.6% from the year-ago quarter’s reported figure. The Zacks Consensus Estimate for SolarEdge’s fourth-quarter sales is pegged at $875.4 million.
SunPower Corporation (SPWR - Free Report) is scheduled to release fourth-quarter 2022 results on Feb 15. SunPower has a four-quarter negative earnings surprise of 79.58%, on average.
The Zacks Consensus Estimate for SPWR’s fourth-quarter earnings, pegged at 15 cents per share, implies growth of 314.3% from the fourth-quarter 2021 figure. The Zacks Consensus Estimate for SunPower’s fourth-quarter sales is pegged at $491.3 million.
First Solar, Inc. (FSLR - Free Report) is slated to report fourth-quarter 2022 results soon. First Solar has a trailing four-quarter negative earnings surprise of 2.93%, on average.
The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $997.4 million, indicating an increase of 9.9% from the year-ago reported figure. The Zacks Consensus Estimate for First Solar’s fourth-quarter earnings is pegged at a loss of 18 cents per share.