Enphase Energy Inc (NASDAQ:ENPH) reported financial results for the third quarter after the closing bell on Tuesday. Here’s what you need to know from the report.
- Enphase Energy stock is trading in a range. What’s the outlook for ENPH shares?
Enphase Energy Q3 Highlights
Enphase Energy posted third-quarter revenue of $293.33 million, missing the consensus estimate of $304.04 million, according to Benzinga Pro. The company reported adjusted earnings of 41 cents per share for the quarter, missing estimates of 51 cents per share.
Global sell-through increased approximately 1% sequentially in the quarter, which was below expectations for 10% growth and contributed to lower total revenue.
Enphase said it shipped approximately 1.42 million IQ microinverters and 129.9 megawatt hours of IQ batteries in the quarter. The company noted that it also demonstrated 13.8 kV AC to 800 VDC conversion using its IQ SST technology during the quarter.
“Our core U.S. residential solar market continues to face headwinds from higher interest rates and the expiration of the Section 25D federal tax credit. We are addressing these near-term challenges while positioning Enphase for a new phase of growth,” the company said.
Enphase generated approximately $100,000 in cash flow from operations during the quarter and exited the period with $931.8 million of cash, cash equivalents and marketable securities.
Enphase expects fourth-quarter revenue to be in the range of $225 million to $255 million versus estimates of $298.39 million.
Enphase management will discuss the quarter on an earnings call at 4:30 p.m. ET.
ENPH Shares Fall
Enphase shares were down 10.41% in after-hours on Tuesday, trading at $26.55 at the time of publication, according to Benzinga Pro.
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