Enphase Energy Stock Surges On Q2 Earnings: The Details
Portfolio Pulse from Adam Eckert
Enphase Energy Inc (NASDAQ:ENPH) reported Q2 earnings with revenue of $303.46 million, missing estimates. Adjusted earnings were 43 cents per share, also missing expectations. U.S. revenue increased by 32% QoQ, while European revenue remained flat. Gross margin was 47.1%, and the company generated $117.4 million in free cash flow. Enphase ended the quarter with $1.65 billion in cash and marketable securities. The company shipped 120.2 MWh of IQ Batteries in Q2 2024 and expects Q3 revenue between $370 million and $410 million. ENPH shares rose 5.39% after hours.
July 23, 2024 | 8:35 pm
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Enphase Energy reported Q2 revenue of $303.46 million, missing estimates. Adjusted earnings were 43 cents per share, also missing expectations. U.S. revenue increased by 32% QoQ, while European revenue remained flat. Gross margin was 47.1%, and the company generated $117.4 million in free cash flow. Enphase ended the quarter with $1.65 billion in cash and marketable securities. The company shipped 120.2 MWh of IQ Batteries in Q2 2024 and expects Q3 revenue between $370 million and $410 million. ENPH shares rose 5.39% after hours.
Despite missing revenue and earnings estimates, Enphase Energy showed strong U.S. revenue growth and significant free cash flow generation. The positive outlook for Q3 and the after-hours stock price increase indicate a likely short-term positive impact on the stock price.
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