Back to top

Image: Bigstock

Enphase Energy's (ENPH) Q2 Earnings Beat, Revenues Rise Y/Y

Read MoreHide Full Article

Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2023 adjusted earnings of $1.47 per share, which highlights a 37.4% improvement from $1.07 per share reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.27 by 15.8%.

Including one-time adjustments, the company posted GAAP earnings of $1.09 per share, up from 54 cents in the year-ago quarter.

Revenues

Enphase Energy’s second-quarter revenues of $711.1 million missed the Zacks Consensus Estimate of $727 million by 2.2%. However, the top line soared 34.1% from the prior-year quarter’s reported figure of $530.2 million.

Enphase Energy, Inc. Price, Consensus and EPS Surprise

Enphase Energy, Inc. Price, Consensus and EPS Surprise

Enphase Energy, Inc. price-consensus-eps-surprise-chart | Enphase Energy, Inc. Quote

Operational Highlights

The company’s total shipments amounted to approximately 2,121.3 megawatts (MW) or 5,198,441 microinverters and 82.3 MW hours of Enphase IQ Batteries.

The adjusted gross margin expanded 400 basis points year over year to 46.2%.

Adjusted operating expenses escalated 37.9% year over year to $98.2 million.

The adjusted operating income totaled $230.5 million, up 51.2% from $152.4 million reported in the year-ago quarter.

Financial Performance

Enphase Energy had $278.7 million in cash and cash equivalents as of Jun 30, 2023, compared with $473.2 million as of Dec 31, 2022.

Cash flow from operating activities amounted to $269.2 million compared with $200.7 million in the second quarter of 2022.

Q3 Guidance

For the third quarter of 2023, ENPH expects revenues in the range of $550-$600 million. The Zacks Consensus Estimate for the same is pegged at $726.9 million, which comes in higher than the company’s guided range. Enphase Energy expects shipments of 80 to 100 MW hours of IQ Batteries.

Adjusted operating expenses are expected between $101 million and $105 million. This excludes approximately $58 million estimated for stock-based compensation expenses, and acquisition-related costs and amortization.

The adjusted gross margin is expected in the range of 42-45%, 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.

A Recent Solar Release

First Solar, Inc. (FSLR - Free Report) reported second-quarter 2023 earnings of $1.59 per share, which improved 205.8% from the prior-year quarter’s earnings of 52 cents per share. The Zacks Consensus Estimate for second-quarter earnings was pegged at 95 cents.

First Solar’s second-quarter net sales were $810.7 million, which beat the Zacks Consensus Estimate of $720 million by 12.6%. The top line improved by 30.6% from the year-ago quarter’s $620.9 million.

Upcoming Releases

SolarEdge Technologies (SEDG - Free Report) : The Zacks Consensus Estimate for SolarEdge’s second-quarter sales implies an improvement of 35.9% from the prior-year reported figure.

SEDG delivered an earnings surprise of 46.46% in the last reported quarter. Estimates for its second-quarter earnings, pegged at $2.55 per share, indicate an improvement of 168.4% from the year-ago quarter’s tally.

Sunrun (RUN - Free Report) : The Zacks Consensus Estimate for its second-quarter sales is pegged at $621.9 million, suggesting growth of 6.4% from the year-ago quarter’s tally.

Estimates for its second-quarter bottom line, pegged at a loss of 34 cents per share, call for a deterioration from the year-ago quarter’s loss of 6 cents.


Zacks' 7 Best Strong Buy Stocks (New Research Report)


Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.


Click Here, It's Really Free

Published in