Enphase rockets higher after powerful Q4 beat; solar peers also rise
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Enphase Energy (NASDAQ:ENPH)
+14.5% post-market after easily exceeding estimates for Q4 earnings and revenues and guiding Q1 revenues above expectations.
Solar peers also are rising in extended trading, including SEDG
+7%, RUN
+6.5%, FSLR
+3.9%, SPWR
+3.9%, NOVA
+3.7%.
Enphase said revenues came in at a quarterly record of $412.7M, up 56% Y/Y and 17% Q/Q, along with 40.2% for non-GAAP gross margin, unchanged from the year-ago quarter; it shipped more than 3M microinverters, or 1,082 MW DC, and 100.2 MWh of Enphase IQ Batteries; Q4 non-GAAP operating income rose to $97.7M from $85.9M in Q3.
The company issued upside guidance for Q1 revenues of $420M-$440M, above $407.1M analyst consensus estimate, as well as non-GAAP gross margin of 38%-41%.
"We were able to meet the surge in customer demand while successfully navigating supply constraints and logistics challenges," the company said.
Enphase shares have lost 23% YTD and 27% over the past year.