Enphase Energy 4Q revenue jump shines on Sonoma County solar tech firm earnings
Petaluma-based solar power manufacturer Enphase Energy Inc. (Nasdaq: ENPH) announced its fourth-quarter financial results Tuesday, posting a significant increase in revenue over the previous quarter and moving into the black for the final period of 2018.
The company's revenue hit $92.3 million in the fourth quarter, up from $78 million in the previous quarter and $79.6 million for the fourth quarter of 2017. The company noted the revenue figures reflected a 15.9 percent year-over-year increase.
Net income for the fourth quarter of 2018 edged $709,000 into the positive, or 1 cent per share, a significant jump from a net loss of about $3.4 million in the third quarter of last year and nearly $3 million in the final quarter of 2017.
Enphase said in its statement that supply shortages constrained revenue in the fourth quarter, a problem it faced in the third quarter as well. Enphase said it hoped that would be alleviated this year through increased investment in one of its suppliers in 2018.
Full-year revenue was $316.2 million, up 10.4 percent from $286.2 million in 2017. Enphase closed out 2018 still in the red, with an annual net loss of $11.6 million (12 cents a share), though much improved from $45.2 million (54 cents a share) into the red for 2017.
Enphase makes solar energy management systems for the residential and commercial markets in the U.S. and Canada. Its microinverter technology allows convert sunlight into energy at individual panels, instead of collectively as in conventional arrays.
In June, the company announced a cash-and-stock deal to acquire the microinverter business of San Jose-based SunPower, a designer of photovoltaic cells and panels.
Enphase's stock price was $8.09 a share at the close of trading Tuesday, down just over one-third percent. The financial report was released just after the session, and the price was down nearly 3 percent, to $7.86 in after-hours trading.