Profit totaled $22 million, well surpassing the FactSet analyst consensus of $16 million. Adjusted earnings registered 60 cents per share, easily beating analysts’ prediction of 49 cents.
Revenue hit a record $352 million, up from $179 million last year and above the analyst consensus of $345 million.
Enphase sees record for revenue for the fourth quarter as well -- to the tune of $390 million to $410 million.
The company’s shares recently traded at $206.78, up a whopping 19%; SolarEdge (SEDG) - Get SolarEdge Technologies, Inc. Report traded at $338.40, up 8%; Sunrun (RUN) - Get Sunrun Inc. Report traded at $55.40, up 5%; and First Solar (FSLR) - Get First Solar, Inc. Report traded at $114.03, up 5%.
Invesco Solar ETF (TAN) - Get Invesco Solar ETF Report, the biggest solar ETF, recently traded at $94.35, up 5.2%. It slid 13% year to date through Tuesday amid concern about solar stock valuations. But it has soared 209% over the past two years amid enthusiasm over renewable energy.
As for Enphase, analysts offered positive commentary after the earnings report. "With solid results and guidance ahead of the Street, ENPH is seeing the benefits of diversifying its supply chain and investments in customer service/education," wrote Colin Rusch of Oppenheimer.
"We are encouraged to see the company moving forward with capacity expansions. We expect the company to quickly grow into that capacity, which supports 30% upside to our 2022 revenue estimates. ...
"We believe potential growth into the commercial rooftop market is not yet reflected in Street estimates."
Rusch reiterated his outperform rating and $225 price target.