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Enphase Energy sinks 13% as guidance trails analyst consensus by 30%

Published 27/07/2023, 21:48
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Enphase Energy Inc (NASDAQ:ENPH) shares fell as much as 13% in late Thursday trading after the solar company offered a much weaker-than-expected revenue forecast for its third quarter.

For Q2, Enphase reported an adjusted EPS of $1.47 on revenue of $711.1 million, which compares to the consensus for earnings of $1.27 per share on revenue of $725.5M. CapEx soared to $44M while analysts expected just $18.3M.

For this quarter, Enphase sees revenue in the range of $550M-$600M, compared to the consensus for $748M.

The company said its Board has recently authorized a new share repurchase program worth up to $1 billion.

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