Enphase Energy, Inc. ENPH reported first-quarter 2024 adjusted earnings of 35 cents per share, highlighting a 74.5% decline from $1.37 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 42 cents per share by 16.7%.
Including one-time adjustments, the company posted a GAAP loss of 12 cents per share, which significantly deteriorated from the year-ago quarter’s earnings of $1.02.
Enphase Energy, Inc. Price, Consensus and EPS Surprise 
Enphase Energy, Inc. price-consensus-eps-surprise-chart | Enphase Energy, Inc. Quote
Revenues
Enphase Energy’s first-quarter revenues of $263.3 million missed the Zacks Consensus Estimate of $284 million. The top line also declined 63.7% from the prior-year quarter’s reported figure of $726 million.
The year-over-year deterioration can be attributed to seasonality and a further softening in U.S. demand.
Operational Update
The company’s shipments amounted to approximately 603.6 megawatts-direct current (MWdc) or 1,382,195 microinverters and 75.5 MW hours of Enphase IQ Batteries.
The company’s adjusted gross margin expanded 50 basis points year over year to 46.2%.
Adjusted operating expenses dropped 16% year over year to $82.6 million.
The adjusted operating income totaled $39 million, down 83.3% from $233.6 million reported in the year-ago quarter.
Financial Details
Enphase Energy had $253.7 million in cash and cash equivalents as of Mar 31, 2024 compared with $288.7 million as of Dec 31, 2023.
Cash flow from operating activities amounted to $49.2 million as of Mar 31, 2024 compared with $246.2 million in the prior-year period.
Q2 Guidance
For the second quarter of 2024, ENPH expects revenues in the range of $290-$330 million. The Zacks Consensus Estimate for second-quarter revenues is pegged at $361.5 million, which lies above the company’s guided range.
Enphase Energy expects shipments in the range of 100-120 MW hours of IQ batteries for the second quarter.
Adjusted operating expenses are expected between $78 million and $82 million. This excludes approximately $56 million estimated for stock-based compensation expenses and acquisition-related costs and amortization, as well as restructuring and asset impairment charges.
The adjusted gross margin is expected in the range of 44-47%, excluding stock-based compensation expenses and acquisition-related amortization.
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
First Solar, Inc. FSLR is scheduled to report first-quarter 2024 results on May 1 after market close. The Zacks Consensus Estimate for FSLR’s first-quarter earnings is pegged at $2.03 per share, which calls for an increase of 407.5% from the prior year quarter’s reported figure.
The Zacks Consensus Estimate for FSLR’s first-quarter sales is pegged at $746.5 million, which implies an improvement of 36.1% from the prior year quarter’s reported figure.
Canadian Solar, Inc. CSIQ is set to report first-quarter 2024 results on May 9 before market open. The Zacks Consensus Estimate for CSIQ’s first-quarter earnings is pegged at a loss of 26 cents per share, which indicates a deterioration from the prior year quarter’s reported earnings figure of $1.19.
The Zacks Consensus Estimate for CSIQ’s first-quarter sales is pegged at $1.28 billion, which implies a decline of 25% from the prior year quarter’s reported figure.
Nextracker Inc. NXT is slated to report first-quarter 2024 results on May 14 after market close. The Zacks Consensus Estimate for NXT’s first-quarter earnings is pegged at 60 cents per share, which suggests growth of 185.7% from the prior year quarter’s reported figure.
The Zacks Consensus Estimate for NXT’s first-quarter sales is pegged at $681.8 million, which indicates an improvement of 31.5% from the prior year quarter’s reported figure.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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