Enphase shares rise 7% after Q4 earnings beat expectations
Enphase Energy Co
Shares jumped more than 7% in extended trading on Tuesday after the maker of inverters for solar power systems reported fourth-quarter earnings that beat Wall Street’s vision. Enphase earned $153.8 million, or $1.06 a share, for the quarter, compared with $115 million, or 80 cents a share, in the same period a year earlier. Adjusted for one-time items, it earned $1.51 a share. The company said revenue hit a “record” $725 million, from $635 million. Analysts polled by FactSet expect Enphase to report adjusted earnings of $1.27 a share on revenue of $707 million. Enphase guided revenue for the first quarter of 2023 between $700 million and $740 million, also well above FactSet consensus of about $685 million in revenue for the quarter. Enphase stock ended the normal trading day up 2.5%.