Enphase Energy (NASDAQ:ENPH) earnings for first quarter of 2020 have ENPH stock flying high on Wednesday. This is thanks to its adjusted earnings per share (EPS) of 38 cents and revenue of $205.55 million. These are both above Wall Street’s estimates of 33 cents per share and revenue of $202.23 million.
Here are some extra highlights from the most recent Enphase Energy earnings report.
- Adjusted per-share earnings are up 375% from 8 cents during the same time last year.
- Revenue is sitting 105.2% higher than the $100.15 million reported in the first quarter of 2019.
- Operating income of $44.71 million is a 527.1% increase year-over-year from $7.13 million.
- The Enphase Energy earnings report also includes a net income of $68.94 million.
- That’s a 2388.8% jump compared to its net income of $2.77 million in the same period of the year prior.
Badri Kothandaramanm, president and CEO of Enphase Energy, said this about the Q1 earnings report:
“We are pleased to report revenue of $205.5 million in the first quarter of 2020, along with an all-time record for gross margin, despite COVID-19. Our first quarter revenue increased 105% year-over-year. We shipped approximately 643 megawatts DC, or 2,012,476 microinverters, as our worldwide teams did an excellent job of ensuring product availability and on-time customer deliveries.”
Enphase Energy also includes an outlook for the second quarter of 2020 in its earnings report. The company expects revenue for the quarter to range from $115 million to $130 million. Wall Street’s estimate is for revenue of $150.6 million in Q2 2020.
ENPH stock was up 18.6% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.