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Enphase Energy (ENPH) Q3 Earnings Beat, Revenues Down Y/Y
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Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2020 adjusted earnings of 30 cents per share, which surpassed the Zacks Consensus Estimate of 24 cents by 25%. The bottom line was in line with the year-ago quarter’s adjusted earnings.
Barring one-time adjustments, the company posted GAAP earnings of 28 cents per share compared with earnings of 23 cents in the year-ago quarter.
Revenues
Enphase Energy’s revenues of $178.5 million in the third quarter surpassed the Zacks Consensus Estimate of $170 million by 5.1%. The top line, however, declined 0.9% from the year-ago quarter’s $180.1 million.
Operational Highlights
Enphase Energy’s total shipments during the reported quarter amounted to approximately 478 megawatts DC or 1,442,743 microinverters.
Gross profit totaled $95 million, soaring 46.8% from $64.7 million a year ago.
Total operating expenses grew 39.4% year over year to $43.2 million. The uptick can be attributed to higher research & development, sales & marketing and general & administrative expenses.
Operating income during the quarter totaled $51.8 million compared with $33.7 million in the year-ago quarter.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy had $661.8 million of cash and cash equivalents as of Sep 30, 2020, up from $251.4 million at the end of 2019.
Cash flow from operating activities amounted to $67.5 million at the end of third-quarter 2020 compared with $5 million in the year-ago period.
Long-term liabilities were $676.1 million at the end of the third quarter compared with $441 million as of Dec 31, 2019.
Q4 Guidance
For fourth-quarter 2020, Enphase Energy expects revenues of $245-$260 million.
Adjusted operating expenses are expected between $35 million and $38 million, excluding approximately $16 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%.
First Solar (FSLR - Free Report) reported third-quarter 2020 adjusted earnings of $1.45 per share, which surpassed the Zacks Consensus Estimate of 60 cents by 141.7%.
SunPower Corp. incurred an adjusted loss of 4 cents per share in third-quarter 2020, narrower than the Zacks Consensus Estimate of a loss of 5 cents.
An Upcoming Solar Release
SolarEdge Technologies (SEDG - Free Report) carries a Zacks Rank #3 and is set to release third-quarter 2020 results on Nov 2.
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Enphase Energy (ENPH) Q3 Earnings Beat, Revenues Down Y/Y
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2020 adjusted earnings of 30 cents per share, which surpassed the Zacks Consensus Estimate of 24 cents by 25%. The bottom line was in line with the year-ago quarter’s adjusted earnings.
Barring one-time adjustments, the company posted GAAP earnings of 28 cents per share compared with earnings of 23 cents in the year-ago quarter.
Revenues
Enphase Energy’s revenues of $178.5 million in the third quarter surpassed the Zacks Consensus Estimate of $170 million by 5.1%. The top line, however, declined 0.9% from the year-ago quarter’s $180.1 million.
Operational Highlights
Enphase Energy’s total shipments during the reported quarter amounted to approximately 478 megawatts DC or 1,442,743 microinverters.
Gross profit totaled $95 million, soaring 46.8% from $64.7 million a year ago.
Total operating expenses grew 39.4% year over year to $43.2 million. The uptick can be attributed to higher research & development, sales & marketing and general & administrative expenses.
Operating income during the quarter totaled $51.8 million compared with $33.7 million in the year-ago quarter.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy, Inc. price-consensus-eps-surprise-chart | Enphase Energy, Inc. Quote
Financial Performance
Enphase Energy had $661.8 million of cash and cash equivalents as of Sep 30, 2020, up from $251.4 million at the end of 2019.
Cash flow from operating activities amounted to $67.5 million at the end of third-quarter 2020 compared with $5 million in the year-ago period.
Long-term liabilities were $676.1 million at the end of the third quarter compared with $441 million as of Dec 31, 2019.
Q4 Guidance
For fourth-quarter 2020, Enphase Energy expects revenues of $245-$260 million.
Adjusted operating expenses are expected between $35 million and $38 million, excluding approximately $16 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 #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
First Solar (FSLR - Free Report) reported third-quarter 2020 adjusted earnings of $1.45 per share, which surpassed the Zacks Consensus Estimate of 60 cents by 141.7%.
SunPower Corp. incurred an adjusted loss of 4 cents per share in third-quarter 2020, narrower than the Zacks Consensus Estimate of a loss of 5 cents.
An Upcoming Solar Release
SolarEdge Technologies (SEDG - Free Report) carries a Zacks Rank #3 and is set to release third-quarter 2020 results on Nov 2.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>