• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days If hydrogen is the answer, you're asking the wrong question
  • 5 hours How Far Have We Really Gotten With Alternative Energy
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Enphase Tanks 24% As Market ‘Overreacts’ To Forecasts

Enphase Energy (NASDAQ:ENPH) tanked over 24% on Wednesday after forecasting weaker second-quarter revenue, despite strong Q1 sales in Europe.

On Wednesday at 12:38 p.m. EST, Enphase shares were down 24.69% to $166.14, with year-to-date shares down 34.41%. 

The major sell-off comes after Enphase reported quarterly earnings of $1.37 per share, beating analyst estimates of $1.20 per share, and prompting some comments that the sell-off is an overreaction. 

Enphase, a global energy technology company and the world’s leading supplier of micro inverter-based solar and battery systems, reported quarterly sales of $726.02 million, just 1% shy of expectations, but also notably a nearly 65% increase over sales for the same period last year.

Enphase’s first-quarter U.S. revenue fell by 9%, while European revenue was up 25% compared to the previous quarter.

For its Q2 outlook, Enphase said revenue would be within a range of $700 million to $750 million, with GAAP gross margins to be between 41% and 44%. That forecast falls below analyst estimates of $773 million for Q2, based on Refinitiv data, as reported by Reuters.

While Enphase is performing well in Europe, problems in the U.S. threaten to counterbalance that performance, with Raymond James analyst Pavel Molchanov telling Reuters that net metering reform in California in Q2 will see the company’s European growth canceled out, with net revenues remaining flat.

The sell-off of Enphase is now leading to slips in other solar stocks as Enphase cites weakening consumer demand.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News