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Enphase Energy (ENPH) Q4 Earnings Meet, Revenues Fall Y/Y
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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%.
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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%.