PETALUMA -- Solar energy component maker Enphase Energy, Inc. (Nasdaq:ENPH) on Tuesday reported first-quarter revenues increased 26 percent year over year, and cash flow was positive for the second straight quarter.
Enphase had receipts of $57.6 million for the quarter, ended March 31, the company reported after the close of stock market trading. The maker of microinverters for solar panels shipped 93 megawatts' worth of systems, up 37 percent from a year before.
[caption id="attachment_51863" align="alignleft" width="300"] Enphase Energy CEO Paul Nahi[/caption]
"We entered 2014 with accelerating business momentum," said Paul Nahi, CEO. "Demand for our microinverter systems was strong in both our core domestic and international markets."
Enphase sidestepped the typical first-quarter sales slump, this year exacerbated by severe winter weather in the Northeast and in Canada, he said.
The company has had "impressive" growth in Europe, the Middle East and Africa, particularly in the U.K., where revenue soared 60 percent, Mr. Nahi said. There has also been growth in Australia.
Quarterly net loss decreased to $6.2 million, or 10 cents a share, from $10.4 million a year before. Gross margin increased 570 basis points to 32.7 percent.
The company projects second-quarter revenue of $69 million to $73 million, which would be a 22 percent increase for the midpoint of the range.
About 400 people now work in Enphase's 96,000-square-foot headquarters in north Petaluma.
The price of Enphase stock Tuesday slipped 32 cents a share, or 4.4 percent, to close at $6.95. But the price bounced back in after-hours trading, rising 5.75 percent to $7.35 and overtaking the $7.25 closing price from Monday.