Stock Monitor: Photronics Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 31, 2018 / If you want access to our free earnings report on Enphase Energy, Inc. (NASDAQ: ENPH) ("Enphase"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ENPH. On May 01, 2018, Enphase reported financial results for the first quarter of 2018 ending March 31, 2018. The Company surpassed analysts' estimates for earnings as well as revenue in Q1 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
Enphase's total revenues reached $69.97 million for Q1 FY18, reflecting an increase of 27.80% from $54.75 million in Q1 FY17. The reported revenue number exceeded analysts' consensus estimates of $67.30 million.
During Q1 FY18, Enphase's cost of revenues was $51.66 million, 8.29% higher than $47.70 million in Q1 FY17. The Company's gross profit advanced 159.86% to $18.32 million in the reported quarter from $7.05 million in the previous year's same quarter. Enphase improved 13.30 percentage points to 26.17% in Q1 FY18 from 12.87% in Q1 FY17 led by pricing management, supply chain optimization, and IQ platform transition.
Enphase incurred operating expenses of $20.79 million in Q1 FY18, 28.66% lower than $29.14 million in Q1 FY17. In the quarter under review, the Company's research and development (R&D) expenses fell 20.67% to $7.62 million on a y-o-y basis; sales and marketing expenses declined 3.58% to $6.23 million on a y-o-y basis; and general and administrative (G&A) advanced 19.03% to $6.94 million on a y-o-y basis. Enphase's loss from operations narrowed to $2.48 million in the reported quarter from $22.10 million in the previous year's same quarter.
Enphase reported a net loss of $5.13 million, or $0.06 per share, for the quarter ending March 31, 2018, after a net loss of $23.31 million, or $0.30 per share, in the same period last year. The reported earnings included stock-based compensation, reserve for non-recurring legal matter, and non-cash interest expense. Excluding these special items, Enphase had an adjusted net loss of $1.26 million in Q1 FY18 compared to $13.62 million in Q1 FY17. The Company's adjusted net loss per share was $0.01 in the quarter under review, up from $0.18 in the prior year corresponding quarter. For Q1 FY18, analysts estimated net loss per share of $0.03 for Enphase.
Enphase had cash and cash equivalents of $53.26 million as on March 31, 2018, 82.73% higher than $29.14 million as on December 31, 2017.
Enphase's cash inflow from operating activities was $3.36 million for the three months ending March 31, 2018, compared to cash outflow from operating activities of $24.51 million in the same period last year.
Enphase spent $1.04 million on purchases of property and equipment in Q1 FY18, a decrease of 69.91% from $3.47 million in Q1 FY17.
For the second quarter of 2018, Enphase expects revenue to be in the range of $72 million to $80 million. The Company expects GAAP and non-GAAP gross margin to be within a range of 26% to 29% in Q2 FY18. Enphase anticipates non-GAAP operating expense of $17.50 million to $18.50 million and GAAP operating expense of $19.50 million to $20.50 million in Q2 FY18, including stock-based compensation expense of $2 million.
Stock Performance Snapshot
May 30, 2018 - At Wednesday's closing bell, Enphase Energy's stock rose 6.50%, ending the trading session at $6.23.
Volume traded for the day: 3.74 million shares, which was above the 3-month average volume of 2.04 million shares.
Stock performance in the last month – up 50.12%; previous three-month period – up 87.65%; past twelve-month period – up 730.67%; and year-to-date – up 158.51%
After yesterday's close, Enphase Energy's market cap was at $623.75 million.
Price to Earnings (P/E) ratio was at 74.17.
The stock is part of the Technology sector, categorized under the Semiconductor Equipment & Materials industry. This sector was up 0.9% at the end of the session.
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