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Enphase Q3 Results: Enphase Sales And Profits up - Q4 Sales Forecast Below Expectations - Share Price Falls

Fremont, USA - The US technology company Enphase Energy has presented its financial figures for the third quarter of 2024 (Q3 24). Compared to the previous quarter (Q2 24), Enphase increased its revenue and also improved its net result. However, the forecast for the fourth quarter is lower than expected by analysts.

In addition, the RENIXX group, which is one of the world's leading providers of solar and battery systems based on microinverters, remains significantly below the results of the same period of the previous year with its Q3 figures.

Overall, Enphase generated quarterly revenue of 380.9 million US dollars (USD million) in Q3 2024. Compared to the previous Q2 quarter, this represents a significant increase of around 26% (Q2 24: USD 303.5 million). Compared to the same quarter of the previous year, however, the decline in sales in Q3 is still 31% (Q3 23: USD 551.1 million). While revenue in the United States increased by around 43% in Q3 24 compared to the second quarter of 2024 due to higher deliveries to distributors, revenue in Europe continued to decline by 15% as a result of weakening demand.

After a loss in the first quarter of 2024 and a return to the black in Q2 24, Enphase was able to increase its GAAP net profit to USD 45.8 million in the third quarter. Compared to Q3 2023, however, the profit is still around 60 percent lower (Q3 23: USD 114 million). This results in diluted earnings per share of USD 0.33 in Q3 24 (Q3 23: USD 0.80/share).

For Q4 2024, Enphase now expects revenue in the range of USD 360 million to USD 400 million. The forecast is thus below analysts' estimates, who had expected revenue of just under USD 440 million. Nevertheless, according to the Enphase forecast, Q4 sales would again be higher than in the same quarter of the previous year (Q4 23: USD 302.6 million).

Enphase shares are among the weakest RENIXX stocks after the first four trading days this week. On Thursday evening, the share was in penultimate place, down 10.8% at EUR 75.29 (closing price, 24.10.2024, Stuttgart Stock Exchange). Compared to the price at the turn of the year, this currently represents a drop of almost 38%.



Source: IWR Online, 25 Oct 2024

 


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