Global solar energy technology firm and major supplier of solar microinverters Enphase Energy Inc. (ENPH:NASDAQ) announced financial results for the second quarter of 2019 yesterday after markets closed.
The company reported revenue of $134.1 million for Q2/19, an increase of 34% sequentially and 77% year-over year. The firm indicated that its Enphase IQ 7 products shipments equaled 98% of all microinverters sold. Enphase added that it shipped approximately 416 megawatts DC, or 1,283,680 microinverters, and advised that it continues to see strong demand across the board from customers.
The company further reported Q2/19 GAAP operating income of $17.4 million (non-GAAP $23.2 million) and GAAP net income of $10.6 million (non-GAAP $23.2 million) resulting in GAAP diluted EPS of $0.08 (non-GAAP $0.18).
President and CEO Badri Kothandaraman commented, "While demand continued to outstrip available supply, we were able to increase capacity to better support our customers and we are on track to have a supply of approximately 2,000,000 microinverters in Q2/19."
The company reiterated some of the business highlights in the quarter, noting that in June it announced that more than 500 solar installation companies in the U.S. have benefitted from significantly reduced solar design complexity and logistics by adopting Enphase Energized AC Modules. Also in June, Enphase announced that it renewed its low-income solar partnership with GRID Alternatives, a national leader in making renewable energy technology and job training accessible to underserved communities. And in July, Enphase announced the first shipment of seventh-generation Enphase IQ microinverters produced in Mexico as part of its expanded manufacturing agreement with Flex.
The company also provided some estimates for Q3/19: "Revenue to be within a range of $170–180 million, including a range of $6–10 million for ITC safe harbor; GAAP and non-GAAP gross margin to be within a range of 33–36%; and GAAP operating expenses to be within a range of $28.5–30.5 million, including a total of approximately $5.0 million estimated for stock-based compensation expenses and acquisition related expenses and amortization."
Enphase Energy is headquartered in Fremont, Calif. and describes its business as being a global energy technology company that delivers smart, easy-to-use solutions that connect solar generation, storage and management on one intelligent platform. The company states that it has revolutionized the solar industry with its microinverter technology, producing a fully integrated solar plus storage solution. To date, the firm has shipped more than 21 million microinverters and deployed over 940,000 Enphase systems in 130 countries.
Enphase shares are up sharply higher today on the news opening at $26.31 (+$4.66, +21.52%) over yesterday afternoon's close of $21.65, and so far today have traded between $26.29 and $28.93, a 52-week intraday high price. At present, the stock is trading at $28.19 (+$6.54, +30.21%).[NLINSERT]
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