Enphase Energy (ENPH) reported third-quarter results late Tuesday that flew past estimates on the top and bottom lines. Enphase stock rose on the news.
The solar energy company reported adjusted earnings of $1.25 a share on revenue of $634.7 million. Wall Street expected Enphase to report earnings of $1.09 a share on revenue of $530.2 million.
Enphase stock climbed 4.3% to 276.80 after the market close on the stock market today.
Revenue climbed 20% from the year-ago period.
The company is a leading provider of solar microinverters. Microinverters boost solar energy production, improve reliability in solar energy systems and support intelligent energy management.
Enphase also makes software to monitor energy generation and battery systems. The company focuses primarily on residential markets.
For its fourth quarter, Enphase expects revenue in the range of $680 million to $720 million. The midpoint of $700 million is above estimates of $655 million.
Enphase Stock: Demand Strong Worldwide
“Demand was strong in our markets worldwide, particularly in North America and Europe,” the company said in its press release.
“Our revenue in Europe for the third quarter of 2022 increased approximately 70%, compared to the second quarter of 2022, as countries in the region are accelerating their efforts to address rising energy prices and reliance on fossil fuel,” the company went on to say.
Enphase stock is up 47% this year.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
YOU MIGHT ALSO LIKE:
SunPower, IBD Stock Of The Day, Charged Up In Solar
Solar Stocks Get Charged Up On Historic Green Energy Bill
EV, Solar Stocks Rally As Energy Bill Provides Broad, Deep Incentives
Time To Tweak Your Investments To An Inflationary Environment?
Leave a Reply