Enphase Energy (NASDAQ:ENPH) stock is surging higher on Wednesday following the release of its earnings report for the third quarter of 2021.
Let’s jump into that earnings report below to see why holders of ENPH stock are celebrating today!
- Let’s start off with the company’s adjusted earnings per share of 60 cents.
- That’s well above Wall Street’s estimate of 48 cents for the quarter.
- It’s also a solid boost over the company’s adjusted EPS of 18 cents from the same time last year.
- Next up is revenue, which came in at a record $351.5 million.
- Yet again, that easily beats out analysts’ revenue estimate of $343.09 million.
- It’s also another case of strong growth compared to the company’s revenue of $178.5 million in Q3 2020.
- Enphase Energy earnings report also includes guidance for the fourth quarter of 2021.
- That includes the company’s revenue outlook of $390 million to $410 million.
- That’s looking incredibly good next to Wall Street’s revenue estimate of $373.01 million for the period.
Badri Kothandaraman, president and CEO of Enphase Energy, said the following in an earnings call transcribed by The Motely Fool.
“We reported record revenue of $351.5 million, shipped approximately 2.6 million microinverters and 65 megawatt hours of Enphase storage systems, achieved non-GAAP gross margin of 40.8% and generated strong free cash flow of $100.7 million. We exited the third quarter at approximately 41%, 16%, 24%. This means 41% gross margin, 16% operating expenses and 24% operating income, all as a percentage of revenue on a non-GAAP basis.”
ENPH stock experiencing heavy trading with news of its Q3 earnings. This has some 6.6 million shares changing hands as of this writing. That’s already a major boost over its daily average trading volume of 1.9 million shares.
ENPH stock was up 21.4% as of Wednesday morning.
Investors are going to want to stick around for more hot stock market news today!
InvestorPlace offers daily coverage of the stock market and Wednesday is no different. A few examples include why Novavax (NASDAQ:NVAX) stock is soaring, what to know about the Rent the Runway (NASDAQ:RENT) IPO, as well as why shares of Robinhood (NASDAQ:HOOD) stock are falling. You can find all that info at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
