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Enphase Energy (ENPH) Q4 Earnings Beat, Revenues Rise Y/Y
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Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2020 adjusted earnings of 51 cents per share, which surpassed the Zacks Consensus Estimate of 40 cents by 27.5%. The bottom line also improved 30.8% when compared with the year-ago quarter’s adjusted earnings.
Barring one-time adjustments, the company posted GAAP earnings of 50 cents per share compared with earnings of 88 cents in the year-ago quarter.
For 2020, the company reported adjusted earnings of $1.37 per share, which surpassed the Zacks Consensus Estimate of $1.27. The full-year earnings figure also came in higher than the year-ago reported figure of 95 cents.
Revenues
Enphase Energy’s revenues of $264.8 million in the fourth quarter surpassed the Zacks Consensus Estimate of $256.3 million by 3.3%. The top line also improved 26.1% from the year-ago quarter’s $210 million.
For 2020, the company recorded revenues worth $774.4 million, which exceeded the Zacks Consensus Estimate of $765.9 million. Full-year revenues also came in higher than $624.3 million recorded in 2019.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy’s total shipments during the reported quarter amounted to approximately 762 megawatts DC or 2,292,132 microinverters.
Gross profit totaled $121.9 million, soaring 56.6% from $77.9 million a year ago.
Total operating expenses grew 28.1% year over year to $42.8 million. The uptick can be attributed to higher research & development, sales & marketing as well as general & administrative expenses.
Operating income during the quarter totaled $79.1 million compared with $44.4 million in the year-ago quarter.
Financial Performance
Enphase Energy had $679.4 million of cash and cash equivalents as of Dec 31, 2020, up from $251.4 million at the end of 2019.
Cash flow from operating activities amounted to $216.3 million at the end of 2020 compared with $139.1 million at the end of 2019.
Total Long-term liabilities were $716.1 million at the end of 2020 compared with $441 million as of Dec 31, 2019.
Q1 Guidance
For first-quarter 2021, Enphase Energy expects to generate revenues of $280-$300 million. The Zacks Consensus Estimate for revenues is pegged at $261.1 million, lower than the guided range.
The company’s adjusted operating expenses are expected between $42 million and $45 million, excluding approximately $22 million estimated for stock-based compensation expenses, acquisition-related expenses and amortization.
Adjusted gross margin is likely to be in the range of 38-41%.
SunPower (SPWR - Free Report) is scheduled to post fourth-quarter 2020 results on Feb 17.
SolarEdge Technologies (SEDG - Free Report) is set to release its fourth-quarter numbers on Feb 16.
Sunrun (RUN - Free Report) is set to release fourth-quarter 2020 results on Feb 25.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.9% per year.
These 7 were selected because of their superior potential for immediate breakout.
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Enphase Energy (ENPH) Q4 Earnings Beat, Revenues Rise Y/Y
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2020 adjusted earnings of 51 cents per share, which surpassed the Zacks Consensus Estimate of 40 cents by 27.5%. The bottom line also improved 30.8% when compared with the year-ago quarter’s adjusted earnings.
Barring one-time adjustments, the company posted GAAP earnings of 50 cents per share compared with earnings of 88 cents in the year-ago quarter.
For 2020, the company reported adjusted earnings of $1.37 per share, which surpassed the Zacks Consensus Estimate of $1.27. The full-year earnings figure also came in higher than the year-ago reported figure of 95 cents.
Revenues
Enphase Energy’s revenues of $264.8 million in the fourth quarter surpassed the Zacks Consensus Estimate of $256.3 million by 3.3%. The top line also improved 26.1% from the year-ago quarter’s $210 million.
For 2020, the company recorded revenues worth $774.4 million, which exceeded the Zacks Consensus Estimate of $765.9 million. Full-year revenues also came in higher than $624.3 million recorded in 2019.
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 762 megawatts DC or 2,292,132 microinverters.
Gross profit totaled $121.9 million, soaring 56.6% from $77.9 million a year ago.
Total operating expenses grew 28.1% year over year to $42.8 million. The uptick can be attributed to higher research & development, sales & marketing as well as general & administrative expenses.
Operating income during the quarter totaled $79.1 million compared with $44.4 million in the year-ago quarter.
Financial Performance
Enphase Energy had $679.4 million of cash and cash equivalents as of Dec 31, 2020, up from $251.4 million at the end of 2019.
Cash flow from operating activities amounted to $216.3 million at the end of 2020 compared with $139.1 million at the end of 2019.
Total Long-term liabilities were $716.1 million at the end of 2020 compared with $441 million as of Dec 31, 2019.
Q1 Guidance
For first-quarter 2021, Enphase Energy expects to generate revenues of $280-$300 million. The Zacks Consensus Estimate for revenues is pegged at $261.1 million, lower than the guided range.
The company’s adjusted operating expenses are expected between $42 million and $45 million, excluding approximately $22 million estimated for stock-based compensation expenses, acquisition-related expenses and amortization.
Adjusted gross margin is likely to be in the range of 38-41%.
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
SunPower (SPWR - Free Report) is scheduled to post fourth-quarter 2020 results on Feb 17.
SolarEdge Technologies (SEDG - Free Report) is set to release its fourth-quarter numbers on Feb 16.
Sunrun (RUN - Free Report) is set to release fourth-quarter 2020 results on Feb 25.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.9% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>