Enphase Energy Inc (NASDAQ:ENPH) shares are trading lower by 23.68% to $168.36 Wednesday morning after the company reported worse-than-expected first-quarter sales and issued weak second-quarter guidance.
Additionally, the company received a number of analyst rating updates following the first-quarter print.
What Happened?
Enphase Energy reported quarterly earnings of $1.37 per share, which beat the analyst consensus estimate of $1.20.
The company also reported quarterly sales of $726.02 million, which missed the analyst consensus estimate of $732.30 million by roughly 1%. This sales figure is, however, a marked 64.5% percent increase over sales of $441.29 million in the same period last year.
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Enphase says the company’s revenue in the United States for the first quarter of 2023 decreased by approximately 9% due to seasonality and macroeconomic conditions, while revenue in Europe increased by approximately 25% compared to the fourth quarter of 2022.
What Else?
Enphase says the company exited the first quarter of 2023 with $1.78 billion in cash, cash equivalents and marketable securities and generated $246.2 million in cash flow from operations.
Meanwhile, the company’s capital expenditures were $22.5 million in the first quarter of 2023, compared to $16.4 million in the fourth quarter of 2022.
The increase was primarily due to investment in R&D equipment and U.S. manufacturing.
Additionally, Enphase says the company’s non-GAAP operating expenses were $98.4 million in the first quarter of 2023, compared to $87.7 million in the fourth quarter of 2022.
The company attributes this rise in expense primarily due to investment in international growth and R&D.
According to data from Benzinga Pro, ENPH has a 52-week high of $339.92 and a 52-week low of $128.67.
