(Reuters) – Enphase Energy Inc forecast second-quarter revenue below Wall Street expectations but reported market-beating profit in the first quarter, sending its shares down 9% in extended trading on Tuesday
The company said it expects second-quarter revenue to be within a range of $700 million to $750 million, below analysts’ estimate if $773 million, according to Refinitiv data.
U.S. imports of solar panels have picked up after months of gridlock stemming from implementation of a new law banning goods made with forced labor, Reuters reported in March.
IQ8 Microinverters, used to convert solar power into usable AC power, constituted about 65% of all of Enphase’s microinverter shipments during the first quarter.
It shipped 4.8 million microinverters, up 71% from the same quarter last year. Battery shipments of 102.4 megawatt hours during the quarter, however, fell 16% from last year.
The Fremont California-based company said its earnings stood at $1.37 per share, beating average analysts’ estimate of $1.20 per share.
Revenue rose 65% to $726 million from $441 million a year earlier, primarily due to higher sales in Europe. Enphase in February had expected first-quarter revenue in the range of $700 million to $740 million.
The company in March said shipments of its microinverters from Romania are expected to begin in the second quarter of this year.
(Reporting by Arshreet Singh; Editing by Shailesh Kuber)
