Enphase Energy, Inc. (ENPH) announced a decrease in profits for the third quarter compared to the same period last year, failing to meet analysts' expectations. The company reported a net income of $45.8 million, or $0.33 per share, down from $113.9 million, or $0.80 per share, in the third quarter of the previous year.
On an adjusted basis, the company posted earnings of $88.4 million, or $0.65 per share. This was below the average projections of analysts surveyed by Thomson Reuters, who anticipated earnings of $0.77 per share, excluding any special items.
Revenue for the quarter saw a significant decline of 30.9%, decreasing to $380.873 million from $551.082 million in the prior year.
Key financial figures for Enphase Energy, Inc. (according to GAAP) include:
- Net Earnings (Q3): $45.8 million compared to $113.9 million in the previous year.
- Earnings Per Share (EPS) (Q3): $0.33 versus $0.80 last year.
- Revenue (Q3): $380.873 million versus $551.082 million the previous year.
Looking ahead, the company has provided revenue guidance for the next quarter, projecting a range between $360 million and $400 million.
