Enphase Energy, Inc. (NASDAQ:ENPH) reported worse-than-expected fourth-quarter financial results after the bell Tuesday. Here's a look at the results.
The Details:
Enphase Energy reported quarterly adjusted earnings of 54 cents per share, which missed the analyst consensus estimate of 55 cents by 1.82% and is a 64.24% decrease over earnings of $1.51 per share from the same period last year.
The company clocked revenue of $302.57 million, missing the analyst consensus estimate of $328.25 million by 7.82% and representing a 58.25% decrease over sales of $724.65 million year-over-year.
Enphase Energy sees first-quarter revenue between $260 million and $300 million, short of the $319.418 million estimate.
"As part of our plan to streamline manufacturing, we are ceasing operations at our contract manufacturing locations in Romania and Wisconsin. We will focus on manufacturing microinverters in the United States with our two existing contract manufacturing partners in South Carolina and Texas," explained Enphase CEO Badri Kothandaraman.
Almost 9.11% of Enphase stock is short. ENPH shares could be shooting higher on short covering or profit booking.
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ENPH Price Action: According to Benzinga Pro, Enphase Energy shares are trading up 8.18% after-hours at $108.72 at the time of publication.
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