Source: Streetwise Reports 05/01/2019
The solar energy stock gained nearly 30% on the NASDAQ upon news that Q1/19 performance greatly exceeded management expectations.
Investors were surprised by the report of Enphase Energy Inc.’s (ENPH:NASDAQ) Q1/19 financial results, which included revenue of $100.2 million, an increase of 43% year-over-year. In response, the stock vaulted upward to close 29.28% higher on May 1st.
Prior to the announcement, the company was guiding for revenue of $92.5 million, which amounts to a beat of $7.7 million, or 8.3%.
The company cited continued “strong demand across the board from customers, overcoming the typical first quarter seasonality in the solar industry” as the reason for the large beat on expected revenue.
Can Enphase repeat this performance?
Management estimates revenue will be $115 million to $125 million in Q2/19, an increase of about 20% quarter over quarter. GAAP and non-GAAP gross margin is guided to be within a range of 32% to 35%.
Enphase Energy’s Q1 results helped kick off a strong start to 2019 for the solar energy space. With the phaseout of U.S. solar energy incentives set to begin in 2020, this may be the last year customers can collect the full 30% federal tax rebate. As the deadline looms, increased urgency from solar customers may make for a very exciting year in solar energy investing.
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( Companies Mentioned: ENPH:NASDAQ,
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