Enphase Energy, Inc (NASDAQ:ENPH) shares are trading lower in Thursday’s after-hours session on the heels of the company’s second-quarter report. Here’s a rundown of the results and a look at what’s driving the action.
What Happened: The company reported quarterly earnings of $1.47 per share, which beat the analyst consensus estimate of $1.25, a 37.38% increase over earnings of $1.07 per share from the same period last year. It reported quarterly sales of $711.12 million, which missed the analyst consensus estimate of $722.12 million, a 34.12% increase over sales of $530.20 million in the same period last year.
The company expects third-quarter revenue between $550 million and $600 million, versus the $748.08 million estimate.
Also of note, the company reported a free cash flow of $225.2 million and ending cash, cash equivalents, and marketable securities of $1.8 billion.
Furthermore, Enphase’s Board of Directors recently authorized a new share repurchase program, under which they may repurchase up to $1.0 billion of the company’s common stock.
President and CEO Badri Kothandaraman spoke about some of the specific details, saying, “Our IQ Battery shipments were 82.3 megawatt hours in the second quarter of 2023, compared to 102.4 megawatt hours in the first quarter of 2023. We recently introduced IQ Batteries into Spain and Portugal and launched the IQ™ Battery 5P, our most powerful battery-to-date, in Australia, the United States, and Puerto Rico during the second quarter of 2023. The IQ Battery 5P is modular and can deliver 3.84 kW continuous power and 7.68 kW peak power, enabling homeowners to start heavy loads like air conditioners easily during power outages. More than 3,500 installers worldwide are certified to install our IQ Batteries.”
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ENPH Price Action: ENPH shares were down 13.4% after hours at $144.50 at the time of publication, according to Benzinga Pro.
Image by andreas160578 from Pixabay
