Enphase Energy Inc (NASDAQ:ENPH) reported financial results for the third quarter Tuesday after the close. Here’s a look at the key details from the solar company’s report.
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Q3 Highlights: Enphase Energy reported third-quarter revenue of $410.43 million, beating the consensus estimate of $365.81 million, according to Benzinga Pro. The company reported adjusted earnings of 90 cents per share for the third quarter, beating estimates of 65 cents per share.
Enphase said it shipped approximately 1.77 million microinverters and 195 megawatt hours of IQ batteries in the quarter.
Total revenue reached its highest levels in two years as U.S. revenue increased approximately 29% on a quarter-over-quarter basis due to higher demand and safe harbor revenue. Meanwhile, revenues in Europe fell approximately 38% quarter-over-quarter, driven by a further softening of European demand.
The company generated $13.9 million of cash flow from operations during the quarter and ended the period with $1.48 billion in cash, cash equivalents and marketable securities.
What’s Next: Enphase sees fourth-quarter revenue in the range of $310 million to $350 million versus estimates of $381.44 million. The solar company expects gross margin of 40% to 43% in the fourth quarter, or 42% to 45% on an adjusted basis.
Enphase said it expects to begin shipments of its new IQ9N-3P Commercial Microinverter and IQ EV Charger 2 to customers in the U.S. during the fourth quarter.
“The IQ EV Charger 2, currently shipping to 18 countries in Europe, Australia, and New Zealand, is our most advanced residential charger to date. It is designed to work seamlessly with Enphase solar and battery systems or as a powerful standalone charger,” the company said.
Enphase executives will further discuss the quarter on an earnings call with investors and analysts at 4:30 p.m. ET.
ENPH Price Action: Enphase shares were down 3.95% in after-hours, trading at $35.25 at the time of publication on Tuesday, according to Benzinga Pro.
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