Enphase's 'good enough' quarter pushes stock 12% higher
By Claudia Assis
Enphase's revenue drops 58% to $303 million
Enphase Energy Inc. shares jumped more than 12% in the extended session Tuesday after the alternative-energy company presented investors with a mixed quarter, but one that soothed more immediate concerns about the ailing sector.
Enphase (ENPH) earned $21 million, or 15 cents a share, in the fourth quarter of 2023, compared with $154 million, or $1.06 a share, in the year-ago quarter. Adjusted for one-time items, the company earned 54 cents a share.
Revenue dropped 58% to $302.6 million, from $724.6 million a year ago.
Analysts polled by FactSet expected Enphase to report adjusted earnings of 55 cents a share on revenue of $328 million.
Investors seemed to be looking past the "mixed" picture, Truist Securities analyst Jordan Levy said in a note late Tuesday.
"On first read, we see this as a 'good-enough' release w/few surprises that should ultimately provide investors incremental confidence in the go-forward trajectory," he wrote.
Enphase shares ended the regular trading day up 2.8%. In the past 12 months, the stock has dropped 55%, contrasting with gains of 20% for the S&P 500 index SPX.
-Claudia Assis
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
02-06-24 2022ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing
-
Going Into Earnings, Is Nvidia Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Arista Stock a Buy, a Sell, or Fairly Valued?
-
A Cheap Dividend Aristocrat to Buy Before It Bounces Back