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Enphase Energy's (ENPH) Q3 Earnings Meet, Revenues Fall Y/Y
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Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2023 adjusted earnings of $1.02 per share, which highlights an 18.4% decline from $1.25 per share reported in the prior-year quarter. The bottom line came in line with the Zacks Consensus Estimate.
Including one-time adjustments, the company posted GAAP earnings of 80 cents per share, which came in line with the year-ago quarter.
Revenues
Enphase Energy’s third-quarter revenues of $551.1 million missed the Zacks Consensus Estimate of $562 million by 1.9%. The top line also declined 13.2% from the prior-year quarter’s reported figure of $634.7 million.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
The company’s total shipments amounted to approximately 1,585.6 megawatts (MW) or 3,905,239 microinverters and 86.2 MW hours of Enphase IQ Batteries.
The adjusted gross margin expanded 550 basis points year over year to 48.4%.
Adjusted operating expenses escalated 26% year over year to $99 million.
The adjusted operating income totaled $167.6 million, down 13.6% from $193.9 million reported in the year-ago quarter.
Financial Performance
Enphase Energy had $290.1 million in cash and cash equivalents as of Sep 30, 2023 compared with $473.2 million as of Dec 31, 2022.
Cash flow from operating activities amounted to $145.9 million compared with $188 million in the year-ago period.
Q4 Guidance
For the fourth quarter of 2023, ENPH expects revenues in the range of $300-$350 million. Enphase Energy expects shipments of 80 to 100 MW hours of IQ Batteries.
Adjusted operating expenses are expected between $85 million and $89 million. This excludes approximately $57 million estimated for stock-based compensation expenses and acquisition-related costs and amortization.
The adjusted gross margin is expected in the range of 48-51%, excluding stock-based compensation expenses and acquisition-related amortization.
SolarEdge Technologies (SEDG - Free Report) : The Zacks Consensus Estimate for SolarEdge’s third-quarter sales implies an improvement of 13.9% from the prior-year reported figure.
SEDG delivered an earnings surprise of 2.75% in the last reported quarter. Estimates for its third-quarter earnings, pegged at 70 cents per share, indicate a decline of 23.1% from the year-ago quarter’s tally.
Sunrun (RUN - Free Report) : The Zacks Consensus Estimate for its third-quarter sales is pegged at $559.7 million, suggesting a decline of 11.4% from the year-ago quarter’s tally.
Estimates for its third-quarter bottom line, pegged at a loss of 6 cents per share, call for a further deterioration from the year-ago quarter’s loss.
First Solar, Inc. (FSLR - Free Report) : The Zacks Consensus Estimate for FSLR’s third-quarter revenues is pegged at $901 million. This suggests growth of 43.3% from the year-ago reported figure.
The Zacks Consensus Estimate for First Solar’s third-quarter earnings is pegged at $2.08 per share. In the last reported quarter, the company delivered an earnings surprise of 94.74%. First Solar has a trailing four-quarter negative earnings surprise of 0.94%, on average.
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Enphase Energy's (ENPH) Q3 Earnings Meet, Revenues Fall Y/Y
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2023 adjusted earnings of $1.02 per share, which highlights an 18.4% decline from $1.25 per share reported in the prior-year quarter. The bottom line came in line with the Zacks Consensus Estimate.
Including one-time adjustments, the company posted GAAP earnings of 80 cents per share, which came in line with the year-ago quarter.
Revenues
Enphase Energy’s third-quarter revenues of $551.1 million missed the Zacks Consensus Estimate of $562 million by 1.9%. The top line also declined 13.2% from the prior-year quarter’s reported figure of $634.7 million.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy, Inc. price-consensus-eps-surprise-chart | Enphase Energy, Inc. Quote
Operational Highlights
The company’s total shipments amounted to approximately 1,585.6 megawatts (MW) or 3,905,239 microinverters and 86.2 MW hours of Enphase IQ Batteries.
The adjusted gross margin expanded 550 basis points year over year to 48.4%.
Adjusted operating expenses escalated 26% year over year to $99 million.
The adjusted operating income totaled $167.6 million, down 13.6% from $193.9 million reported in the year-ago quarter.
Financial Performance
Enphase Energy had $290.1 million in cash and cash equivalents as of Sep 30, 2023 compared with $473.2 million as of Dec 31, 2022.
Cash flow from operating activities amounted to $145.9 million compared with $188 million in the year-ago period.
Q4 Guidance
For the fourth quarter of 2023, ENPH expects revenues in the range of $300-$350 million. Enphase Energy expects shipments of 80 to 100 MW hours of IQ Batteries.
Adjusted operating expenses are expected between $85 million and $89 million. This excludes approximately $57 million estimated for stock-based compensation expenses and acquisition-related costs and amortization.
The adjusted gross margin is expected in the range of 48-51%, excluding stock-based compensation expenses and acquisition-related amortization.
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.
Upcoming Solar Releases
SolarEdge Technologies (SEDG - Free Report) : The Zacks Consensus Estimate for SolarEdge’s third-quarter sales implies an improvement of 13.9% from the prior-year reported figure.
SEDG delivered an earnings surprise of 2.75% in the last reported quarter. Estimates for its third-quarter earnings, pegged at 70 cents per share, indicate a decline of 23.1% from the year-ago quarter’s tally.
Sunrun (RUN - Free Report) : The Zacks Consensus Estimate for its third-quarter sales is pegged at $559.7 million, suggesting a decline of 11.4% from the year-ago quarter’s tally.
Estimates for its third-quarter bottom line, pegged at a loss of 6 cents per share, call for a further deterioration from the year-ago quarter’s loss.
First Solar, Inc. (FSLR - Free Report) : The Zacks Consensus Estimate for FSLR’s third-quarter revenues is pegged at $901 million. This suggests growth of 43.3% from the year-ago reported figure.
The Zacks Consensus Estimate for First Solar’s third-quarter earnings is pegged at $2.08 per share. In the last reported quarter, the company delivered an earnings surprise of 94.74%. First Solar has a trailing four-quarter negative earnings surprise of 0.94%, on average.