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Enphase Energy (ENPH) Q1 Earnings Beat, Revenues Rise Y/Y
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Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2020 adjusted earnings of 38 cents per share, which surpassed the Zacks Consensus Estimate of 32 cents by 18.8%. The bottom line also surged a massive 375% from 8 cents reported in the prior-year quarter.
Including one-time adjustments, the company posted GAAP earnings of 50 cents per share compared with 2 cents in the year-ago quarter.
The year-over-year uptick can be attributed to solid revenues and operating income growth in the first quarter.
Revenues
Enphase Energy’s first-quarter revenues of $205.5 million beat the Zacks Consensus Estimate of $204 million by 0.7%. The top line soared 105.2% from the year-ago quarter’s $100.2 million, driven by solid shipments. Quarterly revenues came within the guided range of $200-$210 million.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy’s total shipments during the reported quarter amounted to approximately 643 megawatts DC or 2,012,476microinverters.
Gross profit totaled $80.7 million, soaring 142% from $33.3 million a year ago.
Total operating expenses increased 37.2% year over year to $36 million. This can be attributed to higher research and development, sales and marketing, as well as general and administrative expenses.
Operating income during the quarter totaled $44.7 million compared with $7.1 million in the year-ago quarter.
Financial Performance
Enphase Energy had $549.1 million of cash and cash equivalents, as of Mar 31, 2020, up from $251.4 million at the end of 2019.
Cash flow from operating activities amounted to $39.2 million in first-quarter 2020 compared with $17.06 million in the year-ago period.
Long-term debt was $295.2 million at the end of the first quarter compared with $102.7 million as of Dec 31, 2019.
Q2 Guidance
For second-quarter 2020, Enphase Energy expects revenues of $115-$130 million. The Zacks Consensus Estimate for the same is pegged at $161.7 million, higher than the guided range.
Adjusted operating expenses are expected between $25.5 million and $27.5 million, excluding approximately $7.5 million estimated for stock-based compensation expenses, acquisition-related expenses and amortization.
Adjusted gross margin is likely to be in the range of 37-40%.
SunPower Corp. (SPWR - Free Report) has a Zacks Rank #3 and is set to report first-quarter 2020 results on May 7.
First Solar (FSLR - Free Report) has a Zacks Rank #3 and is set to release first-quarter 2020 results on May 7.
Vivint Solar carries a Zacks Rank #3 and is expected to post first-quarter 2020 results on May 7.
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Enphase Energy (ENPH) Q1 Earnings Beat, Revenues Rise Y/Y
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2020 adjusted earnings of 38 cents per share, which surpassed the Zacks Consensus Estimate of 32 cents by 18.8%. The bottom line also surged a massive 375% from 8 cents reported in the prior-year quarter.
Including one-time adjustments, the company posted GAAP earnings of 50 cents per share compared with 2 cents in the year-ago quarter.
The year-over-year uptick can be attributed to solid revenues and operating income growth in the first quarter.
Revenues
Enphase Energy’s first-quarter revenues of $205.5 million beat the Zacks Consensus Estimate of $204 million by 0.7%. The top line soared 105.2% from the year-ago quarter’s $100.2 million, driven by solid shipments. Quarterly revenues came within the guided range of $200-$210 million.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy, Inc. price-consensus-eps-surprise-chart | Enphase Energy, Inc. Quote
Operational Highlights
Enphase Energy’s total shipments during the reported quarter amounted to approximately 643 megawatts DC or 2,012,476microinverters.
Gross profit totaled $80.7 million, soaring 142% from $33.3 million a year ago.
Total operating expenses increased 37.2% year over year to $36 million. This can be attributed to higher research and development, sales and marketing, as well as general and administrative expenses.
Operating income during the quarter totaled $44.7 million compared with $7.1 million in the year-ago quarter.
Financial Performance
Enphase Energy had $549.1 million of cash and cash equivalents, as of Mar 31, 2020, up from $251.4 million at the end of 2019.
Cash flow from operating activities amounted to $39.2 million in first-quarter 2020 compared with $17.06 million in the year-ago period.
Long-term debt was $295.2 million at the end of the first quarter compared with $102.7 million as of Dec 31, 2019.
Q2 Guidance
For second-quarter 2020, Enphase Energy expects revenues of $115-$130 million. The Zacks Consensus Estimate for the same is pegged at $161.7 million, higher than the guided range.
Adjusted operating expenses are expected between $25.5 million and $27.5 million, excluding approximately $7.5 million estimated for stock-based compensation expenses, acquisition-related expenses and amortization.
Adjusted gross margin is likely to be in the range of 37-40%.
Zacks Rank
Enphase Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Solar Releases
SunPower Corp. (SPWR - Free Report) has a Zacks Rank #3 and is set to report first-quarter 2020 results on May 7.
First Solar (FSLR - Free Report) has a Zacks Rank #3 and is set to release first-quarter 2020 results on May 7.
Vivint Solar carries a Zacks Rank #3 and is expected to post first-quarter 2020 results on May 7.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
See their latest picks free >>