Enphase Energy plunges 15% after guiding Q2 revenues below consensus
Lari Bat/iStock via Getty Images
Enphase Energy (NASDAQ:ENPH) -14.9% post-market Tuesday after reporting better than expected Q1 adjusted earnings and revenues but guiding Q2 revenues below Wall Street consensus.
Enphase (ENPH) said it expects Q2 revenues of $700M-$750M, below the $760M analyst consensus estimate, and gross margin of 41%-44%, which would come in below Q1.
Q1 net income nearly tripled to $146.8M, or $1.07/share, from $51.8M, or $0.39/share, while revenues rose 64% Y/Y to $726M, and gross margin rose to 45% from 40.1% in the year-earlier quarter.
On a Q/Q basis, total revenues were roughly flat, and sales in the U.S. fell 9% due to "seasonality and macroeconomic conditions" while revenues in Europe rose 25%.
Q1 IQ Battery shipments fell to 102.4 MWh from 122.1 MWh in Q4 2022.
Other solar stocks are indicated sharply lower following Enphase's (ENPH) report and guidance, including SolarEdge (SEDG) -5.9%, SunPower (SPWR) -5.7%, Sunrun (RUN) -3.5%, Canadian Solar (CSIQ) -3.1%, Sunnova (NOVA) -3%, Array Technologies (ARRY) -2.7%, First Solar (FSLR) -2.1%.
More on Enphase Energy:

See financial and valuation comparisons to sector peers
SA analysis: Enphase: Avoid Catching Falling Knives
Stock price return: 13% loss YTD, 40% gain in the past 12 months