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Enphase Vitality (ENPH) reported third-quarter outcomes late Tuesday that flew previous estimates on the highest and backside strains. Enphase inventory rose on the information.
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The photo voltaic vitality firm reported adjusted earnings of $1.25 a share on income of $634.7 million. Wall Road anticipated Enphase to report earnings of $1.09 a share on income of $530.2 million.
Enphase inventory climbed 4.3% to 276.80 after the market shut on the inventory market right this moment.
Income climbed 20% from the year-ago interval.
The corporate is a number one supplier of photo voltaic microinverters. Microinverters increase photo voltaic vitality manufacturing, enhance reliability in photo voltaic vitality programs and assist clever vitality administration.
Enphase additionally makes software program to observe vitality technology and battery programs. The corporate focuses totally on residential markets.
For its fourth quarter, Enphase expects income within the vary of $680 million to $720 million. The midpoint of $700 million is above estimates of $655 million.
Enphase Inventory: Demand Sturdy Worldwide
“Demand was sturdy in our markets worldwide, significantly in North America and Europe,” the corporate stated in its press launch.
“Our income in Europe for the third quarter of 2022 elevated roughly 70%, in comparison with the second quarter of 2022, as international locations within the area are accelerating their efforts to handle rising vitality costs and reliance on fossil gas,” the corporate went on to say.
Enphase inventory is up 47% this 12 months.
Please comply with Brian Deagon on Twitter at @IBD_BDeagon for extra on tech shares, evaluation and monetary markets.
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