Enphase shares sink on expectations for Q1 slowdown in U.S. business
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Enphase Energy (NASDAQ:ENPH) -3.8% in Wednesday's trading after opening with strong gains following the company's Q4 earnings beat and above-consensus Q1 sales guidance.
Enphase (ENPH) forecast Q1 revenues of $700M-$740M, above $674M analyst consensus estimate, including shipments of 100â120 MWh of battery energy storage products.
But on the post-earnings conference call, President and CEO Badri Kothandaraman said Enphase (ENPH) expects its U.S. business will be "slightly down" in Q1 compared to Q4 2022, primarily driven by seasonality and the macroeconomic environment.
Nevertheless, Kothandaraman said the company's installers and distributor partners saw originations pick up in January from December.
The CEO also said Enphase (ENPH) plans to add a quarterly production capacity of 4.5M microinverters in 2023 and reach a total of 10M by year-end.
Enphase Energy's (ENPH) growth outlook remains strong, as demand is high and solar adoption is expected to increase at a rapid pace over the next decade, Daan Rijnberk writes in an analysis newly published on Seeking Alpha.