FREMONT, Calif. (AP) _ Enphase Energy Inc. (ENPH) on Tuesday reported second-quarter net income of $10.6 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Fremont, California-based company said it had net income of 8 cents. Earnings, adjusted for non-recurring costs and stock option expense, were 18 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.
The solar technology company posted revenue of $134.1 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $121.1 million.
For the current quarter ending in October, Enphase Energy said it expects revenue in the range of $170 million to $180 million.
Enphase Energy shares have more than quadrupled since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $21.65, nearly quadrupling in the last 12 months.