Wednesday, May 18, 2022
HomeFinancialEnphase Vitality jumps after firm posts document income, offers upbeat steerage

Enphase Vitality jumps after firm posts document income, offers upbeat steerage

Igor Golovniov | LightRocket | Getty Photos

Shares of Enphase Energy rose greater than 14% throughout prolonged buying and selling Tuesday after the corporate reported document revenues for the fourth quarter.

Enphase, which makes microinverters and backup vitality storage for photo voltaic techniques, mentioned gross sales jumped 17% quarter over quarter regardless of ongoing provide constraints and logistical challenges.

Here is how Enphase did versus analysts’ expectations, as compiled by Refinitiv:

  • Earnings: 73 cents per share, adjusted
  • Income: $412.7 million

Wall Road analysts have been anticipating the corporate to earn 58 cents per share on $396.7 million in income. It was not instantly clear whether or not the reported numbers are akin to estimates.

In the identical quarter one 12 months in the past Enphase posted earnings of 51 cents per share on an adjusted foundation, and $264.8 million in income.

The corporate’s full-year income hit $1.38 billion throughout 2021, up from $774.4 million in 2020. Enphase additionally mentioned it generated $352 million in money movement from operations throughout 2021, a document.

The corporate mentioned it expects 2022 first quarter income to be between $420 million and $440 million. That is forward of the $409 million analysts surveyed by StreetAccount have been anticipating.

Shares of Enphase had been down 21% in 2022 by Tuesday’s shut.

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