Enphase Energy, Inc.
ENPH
reported fourth-quarter 2020 adjusted earnings of 51 cents per share, which surpassed the Zacks Consensus Estimate of 40 cents by 27.5%. The bottom line also improved 30.8% when compared with the year-ago quarter’s adjusted earnings.
Barring one-time adjustments, the company posted GAAP earnings of 50 cents per share compared with earnings of 88 cents in the year-ago quarter.
For 2020, the company reported adjusted earnings of $1.37 per share, which surpassed the Zacks Consensus Estimate of $1.27. The full-year earnings figure also came in higher than the year-ago reported figure of 95 cents.
Revenues
Enphase Energy’s revenues of $264.8 million in the fourth quarter surpassed the Zacks Consensus Estimate of $256.3 million by 3.3%. The top line also improved 26.1% from the year-ago quarter’s $210 million.
For 2020, the company recorded revenues worth $774.4 million, which exceeded the Zacks Consensus Estimate of $765.9 million. Full-year revenues also came in higher than $624.3 million recorded in 2019.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy, Inc. price-consensus-eps-surprise-chart
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Enphase Energy, Inc. Quote
Operational Highlights
Enphase Energy’s total shipments during the reported quarter amounted to approximately 762 megawatts DC or 2,292,132 microinverters.
Gross profit totaled $121.9 million, soaring 56.6% from $77.9 million a year ago.
Total operating expenses grew 28.1% year over year to $42.8 million. The uptick can be attributed to higher research & development, sales & marketing as well as general & administrative expenses.
Operating income during the quarter totaled $79.1 million compared with $44.4 million in the year-ago quarter.
Financial Performance
Enphase Energy had $679.4 million of cash and cash equivalents as of Dec 31, 2020, up from $251.4 million at the end of 2019.
Cash flow from operating activities amounted to $216.3 million at the end of 2020 compared with $139.1 million at the end of 2019.
Total Long-term liabilities were $716.1 million at the end of 2020 compared with $441 million as of Dec 31, 2019.
Q1 Guidance
For first-quarter 2021, Enphase Energy expects to generate revenues of $280-$300 million. The Zacks Consensus Estimate for revenues is pegged at $261.1 million, lower than the guided range.
The company’s adjusted operating expenses are expected between $42 million and $45 million, excluding approximately $22 million estimated for stock-based compensation expenses, acquisition-related expenses and amortization.
Adjusted gross margin is likely to be in the range of 38-41%.
Zacks Rank
Enphase Energy currently carries a Zacks Rank #3 (Hold). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
.
Upcoming Solar Releases
SunPower
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is scheduled to post fourth-quarter 2020 results on Feb 17.
SolarEdge Technologies
SEDG
is set to release its fourth-quarter numbers on Feb 16.
Sunrun
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is set to release fourth-quarter 2020 results on Feb 25.
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