Enphase Energy (ENPH) - Get Enphase Energy, Inc. Report shares rose on Wednesday after the maker of solar-power inverters after its fourth-quarter earnings and first-quarter-revenue guidance exceeded Wall Street's expectations.
Enphase shares recently traded at $214.11, up 7%. They have nearly tripled (up 195%) over the past six months amid investor enthusiasm for alternative-energy stocks. That compares with a 27% gain for the Nasdaq Composite index.
Adjusted profit totaled 51 cents, up from 39 cents a year ago and above the Bloomberg analyst consensus of 39 cents. The adjusted gross margin came in at 40.2%, up from 37.3% a year ago and beating the analyst estimate of 39.2%.
Enphase registered adjusted revenue of $264.8 million for the fourth quarter, up 26% from a year earlier and above the Bloomberg analyst consensus of $254 million.
As for the first quarter, Enphase anticipates revenue of $280 million to $300 million, beating the Bloomberg analyst consensus of $261 million. The company predicts a gross margin of 37% to 40%. And it projects an adjusted gross margin of 38% to 41%, compared to the analyst consensus of 38.4%.
“We experienced constraints in the global semiconductor supply chain during the [fourth] quarter,” the company said in a statement. But in the earnings call, Chief Executive Badri Kothandaraman said the difficulties are "manageable" and likely to dissipate in the next two months, Bloomberg reports.
“Strong demand for our microinverter systems across all regions continued in the fourth quarter of 2020, while shipments of our newly ramped Enphase Storage systems increased approximately 35% compared to the third quarter,” the company said.