Enphase Energy Surpasses Q4 Expectations, Forecasts Strong Q1 Revenue
Solar inverter manufacturer Enphase Energy (ENPH) reported better-than-expected financial results for the fourth quarter and provided an optimistic outlook for the first quarter.
Q4 Results:
* Adjusted net operating income: $120.4 million, exceeding analysts' estimates of $100.4 million.
* Revenue in the U.S., Enphase's largest market, increased 6% sequentially due to higher microinverter sales.
Q1 Forecast:
* Revenue projected in the range of $340 million to $380 million, surpassing analysts' expectations of $338.5 million.
* Forecast includes shipments of 150 to 170 megawatt hours of IQ Batteries and approximately $50 million in safe harbor revenue.
Analyst Commentary:
* Gordon L. Johnson of GLJ Research LLC noted the inclusion of safe harbor revenue in the Q1 guidance, cautioning that the market may react negatively once fully digested.
Stock Performance:
* Enphase Energy shares rose approximately 6% in after-hours trading following the announcement.