Enphase Energy plunges post-market after weak Q3 sales guidance
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Enphase Energy (NASDAQ:ENPH) -12.7% post-market Thursday after posting better than expected Q2 adjusted earnings and revenues that rose by more than a third, but guiding Q3 revenues well below analyst expectations.
Q2 net income rose to $157.2M, or $1.09/share, from $76.9M, or $0.54/share, in the year-earlier quarter, while revenues jumped 34% Y/Y to $711.1M from $530.2M last year.
The company said it shipped nearly 5.2M microinverters, or ~2,121 MW DC, and 82.3 MWh of IQ Batteries.
But Enphase (ENPH) issued sharply downside revenue guidance for Q3, seeing sales of $555M-$600M, far below the $749M analyst consensus estimate, as well as adjusted gross margin of 42%-45%.
Enphase (ENPH) also said its board authorized a new stock buyback program of up to $1B.
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