After-Hours Alert: Why Enphase Energy Stock Is Surging

After-Hours Alert: Why Enphase Energy Stock Is Surging

Enphase Energy Inc ENPH shares are trading higher in Tuesday's after-hours session after the company reported better-than-expected financial results and issued guidance above analyst estimates.

Enphase said second-quarter revenue jumped 20% quarter-over-quarter to $530.2 million, which beat the estimate of $504.53 million, according to data from Benzinga Pro. The company reported quarterly earnings of $1.07 per share, which beat the estimate of $0.84 per share. Gross margins reached 41.3%, while free cash flow totaled $192 million in the second quarter. 

Enphase said its better-than-expected top-line results were driven by strong demand for Enphase Energy Systems, powered by IQ microinverters and IQ batteries.

Enphase expects third-quarter revenue to be between $590 million and $630 million versus the estimate of $548.79 million.

ENPH Price Action: Enphase is making new 52-week highs in after hours.

The stock was up 5.51% in after-hours at $228.01 at press time. 

Photo: Ulrike Leone from Pixabay.

Posted In: why it's movingEarningsNewsAfter-Hours CenterMoversTrading Ideas