Enphase Energy Inc.’s ENPH, -3.78% stock initially plunged more than 15% in extended trading Thursday after the company reported quarterly revenue that fell short of analysts’ estimates and offered a weak forecast.
Enphase reported fiscal second-quarter net income of $157.2 million, or $1.09 a share, compared with net income of $76.9 million, or 54 cents a share, in the year-ago quarter. Adjusted earnings were $1.47 a share. Revenue was $711.1 million, compared with $530.2 million last year. Enphase provided third-quarter revenue guidance of between $555 million and $600 million, short of the $749 million forecast by analysts on FactSet.
Analysts surveyed by FactSet had expected on average second-quarter net income of $1.28 a share on revenue of $726 million. Shares of Enphase have sunk 37% so far this year, while the broader S&P 500 index SPX, -0.64% has increased 18%.
Enphase reported fiscal second-quarter net income of $157.2 million, or $1.09 a share, compared with net income of $76.9 million, or 54 cents a share, in the year-ago quarter. Adjusted earnings were $1.47 a share. Revenue was $711.1 million, compared with $530.2 million last year. Enphase provided third-quarter revenue guidance of between $555 million and $600 million, short of the $749 million forecast by analysts on FactSet.
Analysts surveyed by FactSet had expected on average second-quarter net income of $1.28 a share on revenue of $726 million. Shares of Enphase have sunk 37% so far this year, while the broader S&P 500 index SPX, -0.64% has increased 18%.
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