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) Q4 Earnings Meet, Revenues Fall Y/Y
Read MoreHide Full Article
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2023 adjusted earnings of 54 cents per share, indicating a 64.2% decline from $1.51 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 15 cents per share, which came in lower than the year-ago quarter’s level of $1.06.
For 2023, the company reported adjusted earnings of $4.41 per share, which highlights a 4.5% decline from $4.62 reported in the prior-year quarter. The full-year bottom line missed the Zacks Consensus Estimate of $4.42 by a tad.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy’s fourth-quarter revenues of $302.6 million missed the Zacks Consensus Estimate of $327 million by 7.5%. The top line also declined 58.2% from the prior-year quarter’s reported figure of $724.7 million.
The year-over-year deterioration can be attributed to reduced shipments for managing high inventory at ENPH’s distribution partners, along with a further softening in demand.
For 2023, Enphase Energy generated revenues of $2.29 billion, which missed the Zacks Consensus Estimate of $2.31 billion by 0.9%. The top line also declined 1.7% from the prior-year quarter’s reported figure of $2.33 billion.
Operational Highlights
The company’s shipments amounted to approximately 660.1 megawatts-direct current (MWdc) or 1,595,677 microinverters and 80.7 MW hours of Enphase IQ Batteries.
The adjusted gross margin expanded 650 basis points year over year to 50.3%.
Adjusted operating expenses dropped 1.3% year over year to $86.6 million. The adjusted operating income totaled $65.6 million, down 71.4% from $229.4 million reported in the year-ago quarter.
Financial Performance
Enphase Energy had $288.7 million in cash and cash equivalents as of Dec 31, 2023, compared with $473.2 million as of Dec 31, 2022.
Cash flow from operating activities amounted to $696.8 million at the end of 2023 compared with $744.8 million in the prior-year period.
Q1 Guidance
For the first quarter of 2024, ENPH expects revenues in the range of $260-$300 million. The consensus estimate for first-quarter revenues is pegged at $332.4 million, which lies above the company’s guided range.
Enphase Energy expects shipments in the range of 70-90 MW hours of IQ batteries.
Adjusted operating expenses are expected between $80 million and $84 million. This excludes approximately $64 million estimated for stock-based compensation expenses and acquisition-related costs and amortization, as well as restructuring and asset impairment charges.
The adjusted gross margin is expected in the range of 44-47%, excluding stock-based compensation expenses and acquisition-related amortization.
SolarEdge Technologies (SEDG - Free Report) : The Zacks Consensus Estimate for SolarEdge’s fourth-quarter sales implies a decline of 63.9% from the prior-year reported figure.
SEDG delivered a trailing four-quarter average negative earnings surprise of 13.23%. Estimates for its fourth-quarter earnings are pegged at a loss of $1.55 per share, indicating a deterioration from the year-ago quarter’s level.
Sunrun (RUN - Free Report) : The Zacks Consensus Estimate for its fourth-quarter sales is pegged at $498.7 million, indicating a decline of 18.1% from the year-ago quarter’s figure.
Estimates for its fourth-quarter bottom line are pegged at a loss of 19 cents per share, implying a deterioration from the year-ago quarter’s reported number. The stock has a trailing four-quarter average negative earnings surprise of 189.95%.
First Solar, Inc. (FSLR - Free Report) : The Zacks Consensus Estimate for FSLR’s fourth-quarter revenues is pegged at $1.31 billion, implying growth of 31% from the year-ago period’s reported figure.
The Zacks Consensus Estimate for First Solar’s fourth-quarter earnings is pegged at $3.20 per share, implying a massive improvement from the year-ago quarter’s reported loss. First Solar has a trailing four-quarter average earnings surprise of 28.97%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Enphase Energy (ENPH) Q4 Earnings Meet, Revenues Fall Y/Y
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2023 adjusted earnings of 54 cents per share, indicating a 64.2% decline from $1.51 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 15 cents per share, which came in lower than the year-ago quarter’s level of $1.06.
For 2023, the company reported adjusted earnings of $4.41 per share, which highlights a 4.5% decline from $4.62 reported in the prior-year quarter. The full-year bottom line missed the Zacks Consensus Estimate of $4.42 by a tad.
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 $302.6 million missed the Zacks Consensus Estimate of $327 million by 7.5%. The top line also declined 58.2% from the prior-year quarter’s reported figure of $724.7 million.
The year-over-year deterioration can be attributed to reduced shipments for managing high inventory at ENPH’s distribution partners, along with a further softening in demand.
For 2023, Enphase Energy generated revenues of $2.29 billion, which missed the Zacks Consensus Estimate of $2.31 billion by 0.9%. The top line also declined 1.7% from the prior-year quarter’s reported figure of $2.33 billion.
Operational Highlights
The company’s shipments amounted to approximately 660.1 megawatts-direct current (MWdc) or 1,595,677 microinverters and 80.7 MW hours of Enphase IQ Batteries.
The adjusted gross margin expanded 650 basis points year over year to 50.3%.
Adjusted operating expenses dropped 1.3% year over year to $86.6 million.
The adjusted operating income totaled $65.6 million, down 71.4% from $229.4 million reported in the year-ago quarter.
Financial Performance
Enphase Energy had $288.7 million in cash and cash equivalents as of Dec 31, 2023, compared with $473.2 million as of Dec 31, 2022.
Cash flow from operating activities amounted to $696.8 million at the end of 2023 compared with $744.8 million in the prior-year period.
Q1 Guidance
For the first quarter of 2024, ENPH expects revenues in the range of $260-$300 million. The consensus estimate for first-quarter revenues is pegged at $332.4 million, which lies above the company’s guided range.
Enphase Energy expects shipments in the range of 70-90 MW hours of IQ batteries.
Adjusted operating expenses are expected between $80 million and $84 million. This excludes approximately $64 million estimated for stock-based compensation expenses and acquisition-related costs and amortization, as well as restructuring and asset impairment charges.
The adjusted gross margin is expected in the range of 44-47%, 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 fourth-quarter sales implies a decline of 63.9% from the prior-year reported figure.
SEDG delivered a trailing four-quarter average negative earnings surprise of 13.23%. Estimates for its fourth-quarter earnings are pegged at a loss of $1.55 per share, indicating a deterioration from the year-ago quarter’s level.
Sunrun (RUN - Free Report) : The Zacks Consensus Estimate for its fourth-quarter sales is pegged at $498.7 million, indicating a decline of 18.1% from the year-ago quarter’s figure.
Estimates for its fourth-quarter bottom line are pegged at a loss of 19 cents per share, implying a deterioration from the year-ago quarter’s reported number. The stock has a trailing four-quarter average negative earnings surprise of 189.95%.
First Solar, Inc. (FSLR - Free Report) : The Zacks Consensus Estimate for FSLR’s fourth-quarter revenues is pegged at $1.31 billion, implying growth of 31% from the year-ago period’s reported figure.
The Zacks Consensus Estimate for First Solar’s fourth-quarter earnings is pegged at $3.20 per share, implying a massive improvement from the year-ago quarter’s reported loss. First Solar has a trailing four-quarter average earnings surprise of 28.97%.