Enphase Energy, Inc. (ENPH) had a good Tuesday evening, with shares rallying in extended trading after the solar technology company delivered a convincing earnings beat.
The Numbers: Enphase reported quarterly earnings of 71 cents per share, sailing past the Street estimate of 58 cents by 22.63%. Revenue came in at $343.32 million, topping the consensus estimate of $340.59 million.
What Happened This Quarter: Beyond the headline numbers, Enphase shared some operational highlights that paint a picture of a company executing on its manufacturing strategy. The company generated $37.8 million in free cash flow and ended the quarter with $1.51 billion in cash, cash equivalents and marketable securities.
On the production side, Enphase shipped 1.31 million microinverters and 51.1 MWh of IQ batteries from its Texas and South Carolina facilities. The company also shipped its IQ9N-3P commercial microinverters, which use its GaN-based power conversion architecture. Meanwhile, its IQ Meter Collar has now been approved by 52 U.S. utilities, covering roughly 30 million customer accounts.
Looking Ahead: For the first quarter, Enphase expects revenue between $270 million and $300 million, which sits above the $262.2 million analyst estimate.
Enphase Energy stock jumped 4.35% to $38.90 in Tuesday's extended trading session.
