Solar company Enphase stock rallies 7% after Q2 beat, outlook

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Shares of Enphase Energy Inc. ENPH, -1.12% rose more than 7% in the extended session Tuesday after the maker of solar microinverters and other solar-power products and monitors reported second-quarter earnings that were above Wall Street expectations, thanks in part to growing business in Europe. Enphase said it earned $77 million, or 54 cents a share, in the quarter, compared with $39 million, or 28 cents a share, in the second quarter of 2021. Adjusted for one-time items, Enphase earned $1.07 a share. Revenue rose to $530 million, from $316 million a year ago. FactSet consensus called for adjusted EPS of 85 cents a share on sales of $508 million. Enphase said its revenue in Europe grew nearly 70% quarter-on-quarter as “homeowners want self-consumption as the region not only faces rising energy prices but also a growing demand for home electrification driven by EVs and natural gas shortages.” The company guided for third-quarter revenue in a range between $590 million and $630 million. Shares of Enphase ended the regular trading day down 1.1%.

This article was originally published by Marketwatch.com. Read the original article here.

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