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) Q1 Earnings Miss, Revenues Down Y/Y
Read MoreHide Full Article
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2024 adjusted earnings of 35 cents per share, highlighting a 74.5% decline from $1.37 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 42 cents per share by 16.7%.
Including one-time adjustments, the company posted a GAAP loss of 12 cents per share, which significantly deteriorated from the year-ago quarter’s earnings of $1.02.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy’s first-quarter revenues of $263.3 million missed the Zacks Consensus Estimate of $284 million. The top line also declined 63.7% from the prior-year quarter’s reported figure of $726 million.
The year-over-year deterioration can be attributed to seasonality and a further softening in U.S. demand.
Operational Update
The company’s shipments amounted to approximately 603.6 megawatts-direct current (MWdc) or 1,382,195 microinverters and 75.5 MW hours of Enphase IQ Batteries.
The company’s adjusted gross margin expanded 50 basis points year over year to 46.2%.
Adjusted operating expenses dropped 16% year over year to $82.6 million.
The adjusted operating income totaled $39 million, down 83.3% from $233.6 million reported in the year-ago quarter.
Financial Details
Enphase Energy had $253.7 million in cash and cash equivalents as of Mar 31, 2024 compared with $288.7 million as of Dec 31, 2023.
Cash flow from operating activities amounted to $49.2 million as of Mar 31, 2024 compared with $246.2 million in the prior-year period.
Q2 Guidance
For the second quarter of 2024, ENPH expects revenues in the range of $290-$330 million. The Zacks Consensus Estimate for second-quarter revenues is pegged at $361.5 million, which lies above the company’s guided range.
Enphase Energy expects shipments in the range of 100-120 MW hours of IQ batteries for the second quarter.
Adjusted operating expenses are expected between $78 million and $82 million. This excludes approximately $56 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.
First Solar, Inc. (FSLR - Free Report) is scheduled to report first-quarter 2024 results on May 1 after market close. The Zacks Consensus Estimate for FSLR’s first-quarter earnings is pegged at $2.03 per share, which calls for an increase of 407.5% from the prior year quarter’s reported figure.
The Zacks Consensus Estimate for FSLR’s first-quarter sales is pegged at $746.5 million, which implies an improvement of 36.1% from the prior year quarter’s reported figure.
Canadian Solar, Inc. (CSIQ - Free Report) is set to report first-quarter 2024 results on May 9 before market open. The Zacks Consensus Estimate for CSIQ’s first-quarter earnings is pegged at a loss of 26 cents per share, which indicates a deterioration from the prior year quarter’s reported earnings figure of $1.19.
The Zacks Consensus Estimate for CSIQ’s first-quarter sales is pegged at $1.28 billion, which implies a decline of 25% from the prior year quarter’s reported figure.
Nextracker Inc. (NXT - Free Report) is slated to report first-quarter 2024 results on May 14 after market close. The Zacks Consensus Estimate for NXT’s first-quarter earnings is pegged at 60 cents per share, which suggests growth of 185.7% from the prior year quarter’s reported figure.
The Zacks Consensus Estimate for NXT’s first-quarter sales is pegged at $681.8 million, which indicates an improvement of 31.5% from the prior year quarter’s reported figure.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Enphase Energy (ENPH) Q1 Earnings Miss, Revenues Down Y/Y
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2024 adjusted earnings of 35 cents per share, highlighting a 74.5% decline from $1.37 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 42 cents per share by 16.7%.
Including one-time adjustments, the company posted a GAAP loss of 12 cents per share, which significantly deteriorated from the year-ago quarter’s earnings of $1.02.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy, Inc. price-consensus-eps-surprise-chart | Enphase Energy, Inc. Quote
Revenues
Enphase Energy’s first-quarter revenues of $263.3 million missed the Zacks Consensus Estimate of $284 million. The top line also declined 63.7% from the prior-year quarter’s reported figure of $726 million.
The year-over-year deterioration can be attributed to seasonality and a further softening in U.S. demand.
Operational Update
The company’s shipments amounted to approximately 603.6 megawatts-direct current (MWdc) or 1,382,195 microinverters and 75.5 MW hours of Enphase IQ Batteries.
The company’s adjusted gross margin expanded 50 basis points year over year to 46.2%.
Adjusted operating expenses dropped 16% year over year to $82.6 million.
The adjusted operating income totaled $39 million, down 83.3% from $233.6 million reported in the year-ago quarter.
Financial Details
Enphase Energy had $253.7 million in cash and cash equivalents as of Mar 31, 2024 compared with $288.7 million as of Dec 31, 2023.
Cash flow from operating activities amounted to $49.2 million as of Mar 31, 2024 compared with $246.2 million in the prior-year period.
Q2 Guidance
For the second quarter of 2024, ENPH expects revenues in the range of $290-$330 million. The Zacks Consensus Estimate for second-quarter revenues is pegged at $361.5 million, which lies above the company’s guided range.
Enphase Energy expects shipments in the range of 100-120 MW hours of IQ batteries for the second quarter.
Adjusted operating expenses are expected between $78 million and $82 million. This excludes approximately $56 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
First Solar, Inc. (FSLR - Free Report) is scheduled to report first-quarter 2024 results on May 1 after market close. The Zacks Consensus Estimate for FSLR’s first-quarter earnings is pegged at $2.03 per share, which calls for an increase of 407.5% from the prior year quarter’s reported figure.
The Zacks Consensus Estimate for FSLR’s first-quarter sales is pegged at $746.5 million, which implies an improvement of 36.1% from the prior year quarter’s reported figure.
Canadian Solar, Inc. (CSIQ - Free Report) is set to report first-quarter 2024 results on May 9 before market open. The Zacks Consensus Estimate for CSIQ’s first-quarter earnings is pegged at a loss of 26 cents per share, which indicates a deterioration from the prior year quarter’s reported earnings figure of $1.19.
The Zacks Consensus Estimate for CSIQ’s first-quarter sales is pegged at $1.28 billion, which implies a decline of 25% from the prior year quarter’s reported figure.
Nextracker Inc. (NXT - Free Report) is slated to report first-quarter 2024 results on May 14 after market close. The Zacks Consensus Estimate for NXT’s first-quarter earnings is pegged at 60 cents per share, which suggests growth of 185.7% from the prior year quarter’s reported figure.
The Zacks Consensus Estimate for NXT’s first-quarter sales is pegged at $681.8 million, which indicates an improvement of 31.5% from the prior year quarter’s reported figure.