Louisiana Light • 2 days | 71.80 | -1.73 | -2.35% | |||
Bonny Light • 21 hours | 72.36 | -1.43 | -1.94% | |||
Opec Basket • 2 days | 75.19 | -1.69 | -2.20% | |||
Mars US • 4 hours | 67.49 | -1.72 | -2.49% | |||
Gasoline • 7 hours | 2.560 | -0.036 | -1.39% |
Bonny Light • 21 hours | 72.36 | -1.43 | -1.94% | |||
Girassol • 21 hours | 74.10 | -1.27 | -1.69% | |||
Opec Basket • 2 days | 75.19 | -1.69 | -2.20% |
Peace Sour • 20 hours | 63.71 | -3.21 | -4.80% | |||
Light Sour Blend • 20 hours | 65.01 | -3.21 | -4.71% | |||
Syncrude Sweet Premium • 20 hours | 73.96 | -3.21 | -4.16% | |||
Central Alberta • 20 hours | 63.31 | -3.21 | -4.83% |
Eagle Ford • 2 days | 65.94 | -3.21 | -4.64% | |||
Oklahoma Sweet • 2 days | 66.00 | -3.25 | -4.69% | |||
Kansas Common • 2 days | 59.75 | -3.25 | -5.16% | |||
Buena Vista • 9 days | 76.15 | -1.09 | -1.41% |
Oil prices are torn between…
This year, the U.S. plans…
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
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