We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Enphase Energy (ENPH) Q2 Earnings Miss, Revenues Down Y/Y
Read MoreHide Full Article
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2024 adjusted earnings of 43 cents per share, highlighting a 70.7% decline from $1.47 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 49 cents per share by 12.2%.
Including one-time adjustments, the company posted GAAP earnings of 8 cents per share, which significantly deteriorated from the year-ago quarter’s earnings of $1.09.
The year-over-year deterioration can be attributed to a double-digit decline in second-quarter 2024 revenues compared to the year-ago quarter.
Revenues
Enphase Energy’s second-quarter revenues of $303.5 million missed the Zacks Consensus Estimate of $314 million by 1.8%. The top line also declined 57.3% from the prior-year quarter’s reported figure of $711.1 million.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
The company’s shipments amounted to approximately 608.3 megawatts-direct current (MWdc) or 1,402,602 microinverters and 120.2 MW hours of Enphase IQ Batteries.
Enphase Energy’s adjusted gross margin expanded 90 basis points year over year to 47.1%.
Adjusted operating expenses dropped 16.8% year over year to $81.7 million.
The adjusted operating income totaled $61.1 million, down 73.5% from $230.5 million reported in the year-ago quarter.
Financial Details
Enphase Energy generated cash and cash equivalents worth $252.1 million as of Jun 30, 2024 compared with $288.7 million as of Dec 31, 2023.
Cash flow from operating activities amounted to $127.1 million as of Jun 30, 2024 compared with $269.2 million in the prior-year period.
Q3 Guidance
For the third quarter of 2024, ENPH expects revenues in the range of $370-$410 million. The Zacks Consensus Estimate for third-quarter revenues is pegged at $408.1 million, which lies above the midpoint of the company’s guided range.
Enphase Energy expects shipments in the range of 160-180 MW hours of IQ batteries for the third quarter.
Adjusted operating expenses are expected between $79 million and $83 million. This excludes approximately $59 million estimated for stock-based compensation expenses, acquisition-related amortization and restructuring.
The adjusted gross margin is expected in the range of 47%-50%, excluding stock-based compensation expenses and acquisition-related amortization.
Zacks Rank
Enphase Energy currently carries a Zacks Rank #4 (Sell).
First Solar, Inc. (FSLR - Free Report) is scheduled to report second-quarter 2024 results on Jul 30 after market close. The Zacks Consensus Estimate for First Solar’s second-quarter earnings is pegged at $2.67 per share, which calls for an increase of 44.3% from the prior year quarter’s reported figure.
The Zacks Consensus Estimate for FSLR’s second-quarter sales is pegged at $946.2 million, which implies an improvement of 16.7% from the prior-year quarter’s reported figure.
Sunnova Energy International (NOVA - Free Report) is set to report second-quarter 2024 results on Jul 31 after market close. The Zacks Consensus Estimate for Sunnova Energy’s second-quarter earnings is pegged at a loss of 54 cents per share, which indicates an improvement from the prior-year quarter’s reported loss of 74 cents per share.
The Zacks Consensus Estimate for NOVA’s second-quarter sales is pegged at $220.3 million, which implies a rise of 32.4% from the prior year quarter’s reported figure.
Nextracker Inc. (NXT - Free Report) is slated to report second-quarter 2024 results on Aug 1 after market close. The Zacks Consensus Estimate for Nextracker’s second-quarter earnings is pegged at 66 cents per share, which suggests growth of 37.5% from the prior-year quarter’s reported figure.
The Zacks Consensus Estimate for NXT’s second-quarter sales is pegged at $618.1 million, which calls for an improvement of 29% from the prior-year quarter’s reported figure.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Enphase Energy (ENPH) Q2 Earnings Miss, Revenues Down Y/Y
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2024 adjusted earnings of 43 cents per share, highlighting a 70.7% decline from $1.47 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 49 cents per share by 12.2%.
Including one-time adjustments, the company posted GAAP earnings of 8 cents per share, which significantly deteriorated from the year-ago quarter’s earnings of $1.09.
The year-over-year deterioration can be attributed to a double-digit decline in second-quarter 2024 revenues compared to the year-ago quarter.
Revenues
Enphase Energy’s second-quarter revenues of $303.5 million missed the Zacks Consensus Estimate of $314 million by 1.8%. The top line also declined 57.3% from the prior-year quarter’s reported figure of $711.1 million.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy, Inc. price-consensus-eps-surprise-chart | Enphase Energy, Inc. Quote
Operational Update
The company’s shipments amounted to approximately 608.3 megawatts-direct current (MWdc) or 1,402,602 microinverters and 120.2 MW hours of Enphase IQ Batteries.
Enphase Energy’s adjusted gross margin expanded 90 basis points year over year to 47.1%.
Adjusted operating expenses dropped 16.8% year over year to $81.7 million.
The adjusted operating income totaled $61.1 million, down 73.5% from $230.5 million reported in the year-ago quarter.
Financial Details
Enphase Energy generated cash and cash equivalents worth $252.1 million as of Jun 30, 2024 compared with $288.7 million as of Dec 31, 2023.
Cash flow from operating activities amounted to $127.1 million as of Jun 30, 2024 compared with $269.2 million in the prior-year period.
Q3 Guidance
For the third quarter of 2024, ENPH expects revenues in the range of $370-$410 million. The Zacks Consensus Estimate for third-quarter revenues is pegged at $408.1 million, which lies above the midpoint of the company’s guided range.
Enphase Energy expects shipments in the range of 160-180 MW hours of IQ batteries for the third quarter.
Adjusted operating expenses are expected between $79 million and $83 million. This excludes approximately $59 million estimated for stock-based compensation expenses, acquisition-related amortization and restructuring.
The adjusted gross margin is expected in the range of 47%-50%, excluding stock-based compensation expenses and acquisition-related amortization.
Zacks Rank
Enphase Energy currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Solar Releases
First Solar, Inc. (FSLR - Free Report) is scheduled to report second-quarter 2024 results on Jul 30 after market close. The Zacks Consensus Estimate for First Solar’s second-quarter earnings is pegged at $2.67 per share, which calls for an increase of 44.3% from the prior year quarter’s reported figure.
The Zacks Consensus Estimate for FSLR’s second-quarter sales is pegged at $946.2 million, which implies an improvement of 16.7% from the prior-year quarter’s reported figure.
Sunnova Energy International (NOVA - Free Report) is set to report second-quarter 2024 results on Jul 31 after market close. The Zacks Consensus Estimate for Sunnova Energy’s second-quarter earnings is pegged at a loss of 54 cents per share, which indicates an improvement from the prior-year quarter’s reported loss of 74 cents per share.
The Zacks Consensus Estimate for NOVA’s second-quarter sales is pegged at $220.3 million, which implies a rise of 32.4% from the prior year quarter’s reported figure.
Nextracker Inc. (NXT - Free Report) is slated to report second-quarter 2024 results on Aug 1 after market close. The Zacks Consensus Estimate for Nextracker’s second-quarter earnings is pegged at 66 cents per share, which suggests growth of 37.5% from the prior-year quarter’s reported figure.
The Zacks Consensus Estimate for NXT’s second-quarter sales is pegged at $618.1 million, which calls for an improvement of 29% from the prior-year quarter’s reported figure.