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Enphase Energy (ENPH) Q2 Revenues Beat, Earnings Up Y/Y
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Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2022 adjusted earnings of $1.07 per share, which improved by a solid 101.9% from the 53 cents reported in the prior-year quarter.
Including one-time adjustments, the company posted GAAP earnings of 54 cents per share, up 92.9% from 53 cents in the year-ago quarter.
The Zacks Consensus Estimate for second-quarter earnings is pegged at 54 cents.
Revenues
Enphase Energy’s second-quarter revenues of $530.2 million beat the Zacks Consensus Estimate of $507 million by 4.7%. The top line soared 67.7% from the year-ago quarter’s $316.1 million, driven by the strong demand for its microinverters and battery systems.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy’s total shipments during the reported quarter amounted to approximately 1,213 megawatts (MW) or 3,348,553 microinverters and 132.4 MW hours of Enphase IQ Batteries. The company’s adjusted gross margin expanded 140 basis points year over year to 42.2%.
Adjusted operating expenses escalated by 37.7% year over year to $71.2 million. The adjusted operating income during the quarter soared 97.5% to $152.4 million compared with $77.2 million in the year-ago quarter.
Financial Performance
Enphase Energy had $495.5 million in cash and cash equivalents as of Jun 30, 2022, up from $119.3 million as of Dec 31, 2021.
Cash flow from operating activities amounted to $200.7 million in the second quarter of 2022 compared with $65.7 million in the second quarter of 2021.
Q3 Guidance
For the third quarter of 2022, ENPH expects revenues in the range of $590-$630 million. The Zacks Consensus Estimate for the same is pegged at $549.8 million, lower than the midpoint of the company’s guided range.
Adjusted operating expenses are expected between $77 million and $81 million, excluding approximately the $60 million estimated for stock-based compensation expenses and acquisition-related costs and amortization.
The adjusted gross margin is likely to be 39-42%, excluding stock-based compensation expenses.
SolarEdge Technologies (SEDG - Free Report) is slated to release second-quarter 2022 results on Aug 2. SolarEdge boasts a long-term earnings growth rate of 28.6%.
The Zacks Consensus Estimate for SEDG’s second-quarter earnings, pegged at $1.40 per share, implies a year-over-year improvement of 9.4%. The Zacks Consensus Estimate for SolarEdge’s second-quarter sales is pegged at $726.3 million.
SunPower Corporation (SPWR - Free Report) is scheduled to release second-quarter 2022 results on Aug 2. SunPower has a four-quarter negative earnings surprise of 2.08%.
The Zacks Consensus Estimate for SPWR’s second-quarter earnings, pegged at 5 cents per share, implies a year-over-year decline of 16.7%.
First Solar, Inc. (FSLR - Free Report) is slated to report second-quarter 2022 results on Jul 28. In the last reported quarter, the company delivered earnings on par with the Zacks Consensus Estimate. First Solar has a trailing four-quarter earnings surprise of 2.49%, on average.
The Zacks Consensus Estimate for second-quarter revenues is pegged at $599.5 million, suggesting a decline of 4.7% from the year-ago reported figure.
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Enphase Energy (ENPH) Q2 Revenues Beat, Earnings Up Y/Y
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2022 adjusted earnings of $1.07 per share, which improved by a solid 101.9% from the 53 cents reported in the prior-year quarter.
Including one-time adjustments, the company posted GAAP earnings of 54 cents per share, up 92.9% from 53 cents in the year-ago quarter.
The Zacks Consensus Estimate for second-quarter earnings is pegged at 54 cents.
Revenues
Enphase Energy’s second-quarter revenues of $530.2 million beat the Zacks Consensus Estimate of $507 million by 4.7%. The top line soared 67.7% from the year-ago quarter’s $316.1 million, driven by the strong demand for its microinverters and battery systems.
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 1,213 megawatts (MW) or 3,348,553 microinverters and 132.4 MW hours of Enphase IQ Batteries. The company’s adjusted gross margin expanded 140 basis points year over year to 42.2%.
Adjusted operating expenses escalated by 37.7% year over year to $71.2 million. The adjusted operating income during the quarter soared 97.5% to $152.4 million compared with $77.2 million in the year-ago quarter.
Financial Performance
Enphase Energy had $495.5 million in cash and cash equivalents as of Jun 30, 2022, up from $119.3 million as of Dec 31, 2021.
Cash flow from operating activities amounted to $200.7 million in the second quarter of 2022 compared with $65.7 million in the second quarter of 2021.
Q3 Guidance
For the third quarter of 2022, ENPH expects revenues in the range of $590-$630 million. The Zacks Consensus Estimate for the same is pegged at $549.8 million, lower than the midpoint of the company’s guided range.
Adjusted operating expenses are expected between $77 million and $81 million, excluding approximately the $60 million estimated for stock-based compensation expenses and acquisition-related costs and amortization.
The adjusted gross margin is likely to be 39-42%, excluding stock-based compensation expenses.
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) is slated to release second-quarter 2022 results on Aug 2. SolarEdge boasts a long-term earnings growth rate of 28.6%.
The Zacks Consensus Estimate for SEDG’s second-quarter earnings, pegged at $1.40 per share, implies a year-over-year improvement of 9.4%. The Zacks Consensus Estimate for SolarEdge’s second-quarter sales is pegged at $726.3 million.
SunPower Corporation (SPWR - Free Report) is scheduled to release second-quarter 2022 results on Aug 2. SunPower has a four-quarter negative earnings surprise of 2.08%.
The Zacks Consensus Estimate for SPWR’s second-quarter earnings, pegged at 5 cents per share, implies a year-over-year decline of 16.7%.
First Solar, Inc. (FSLR - Free Report) is slated to report second-quarter 2022 results on Jul 28. In the last reported quarter, the company delivered earnings on par with the Zacks Consensus Estimate. First Solar has a trailing four-quarter earnings surprise of 2.49%, on average.
The Zacks Consensus Estimate for second-quarter revenues is pegged at $599.5 million, suggesting a decline of 4.7% from the year-ago reported figure.