Narrower-than-Expected Loss at Enphase - Analyst Blog
08 Mai 2013 - 7:09PM
Zacks
Narrower-than-Expected Loss at Enphase
Enphase Energy, Inc. (ENPH) posted first quarter
2013 results with a loss of 25 cents per share (including stock
based compensation expense) narrower than the Zacks Consensus
Estimate of a loss of 27 cents. The loss also declined
significantly from the year-ago loss of $5.78 per share.
The results reflect the company’s effort to successfully control
operating expenses.
Operational Results
Enphase Energy reported quarterly operating revenue of $45.6
million, marginally above the Zacks Consensus Estimate of $45.0
million and at the top end of the company’s guidance. Revenues were
also up 7% year over year.
The top-line figure includes approximately $9 million of revenue
associated with shipments related to the expiring 1603 grant
program. Excluding these 1603 related units, revenue increased 36%
year over year.
Gross margin reported by the company was 27.0%, up from 21.9% in
the year-ago quarter.
Operating expenses were $20.4 million, up from $17.9 million in the
year-ago quarter.
Financial Update
As of Mar 31, 2013, cash and cash equivalents were $36.4 million
versus $45.3 million as of Dec 31, 2012. Term loans declined to
$8.0 million from $8.7 million as of Dec 31, 2012. Net cash used in
operating activities was $7.0 million versus $14.1 million in the
year-ago period.
Guidance
The company expects revenues to climb sequentially to a range of
$56 million to $60 million in the second quarter of 2013. It
expects gross margin in the range of 26% to 28% and operating
expenses to be flat sequentially.
Our Take
The loss incurred in the quarter was narrower than the Zacks
Consensus Estimate. Moreover, the top-line succeeded in beating our
expectation, though marginally. The company continues to progress
well by executing its key initiatives which include improvement in
operating performance, expanding gross margin, broadening market
opportunity and developing new products and services.
Enphase Energy is engaged in the design, development, and sale of
microinverter systems for the solar photovoltaic industry. The
company believes that the long-term global prospects of the solar
industry represent a great opportunity.
However, we remain concerned about the increased competition as
well as lower demand for solar products. The company presently
retains a short-term Zacks Rank #3 (Hold).
Stocks worth considering are JA Solar Holdings Co.,
Ltd. (JASO), ReneSola Ltd. (SOL),
STR Holdings, Inc. (STRI), all with a Zacks Rank
#2 (Buy).
ENPHASE ENERGY (ENPH): Free Stock Analysis Report
JA SOLAR HOLDGS (JASO): Free Stock Analysis Report
RENESOLA LT-ADR (SOL): Free Stock Analysis Report
STR HOLDINGS (STRI): Free Stock Analysis Report
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