Enphase Energy Inc ENPH reported financial results for the first quarter after the market close on Tuesday.
Here’s a rundown of the energy company’s quarterly results and a look at what’s driving shares lower after hours.
Q1 Earnings: Enphase Energy reported first-quarter revenue of $263.3 million, which missed the consensus estimate of $281.95 million, according to Benzinga Pro. The company reported adjusted earnings of 35 cents per share, which missed analyst estimates of 40 cents per share.
U.S. revenue was down approximately 34% on a year-over-year basis, while revenues in Europe climbed approximately 70%.
“The decline in revenue for the first quarter of 2024 compared to the fourth quarter of 2023 was the result of seasonality and a further softening in U.S. demand, while we continued to reduce shipments to manage channel inventory,” the company said.
Gross margin came in at 43.9%. Enphase said it generated $49.2 million in cash flow from operations and $41.8 million in free cash flow during the quarter. The company ended the quarter with $1.63 billion in cash, cash equivalents and marketable securities.
Outlook: Enphase saw second-quarter revenue in the range of $290 million to $330 million versus estimates of $350.706 million. The company anticipated second-quarter gross margin of 42% to 45%.
Shares appeared to be reacting negatively to the company’s worse-than-expected results combined with Enphase’s weak guidance for the second quarter.
Management will hold a conference call to discuss these results at 4:30 p.m. ET.
Related Link: Wall Street’s Most Accurate Analysts’ Views On 3 Energy Stocks With Over 3% Dividend Yields
ENPH Price Action: Enphase shares were down 5.14% after hours at $107.65 at the time of publication, according to Benzinga Pro.
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