What In The World Is Going On With Enphase Energy (ENPH) Stock?

Enphase Energy Inc ENPH shares are trading lower by 23.68% to $168.36 Wednesday morning after the company reported worse-than-expected first-quarter sales and issued weak second-quarter guidance.

Additionally, the company received a number of analyst rating updates following the first-quarter print.

What Happened?

Enphase Energy reported quarterly earnings of $1.37 per share, which beat the analyst consensus estimate of $1.20.

The company also reported quarterly sales of $726.02 million, which missed the analyst consensus estimate of $732.30 million by roughly 1%. This sales figure is, however, a marked 64.5% percent increase over sales of $441.29 million in the same period last year.

See Also: Why Activision Blizzard (ATVI) Stock Is Plunging Today

Enphase says the company's revenue in the United States for the first quarter of 2023 decreased by approximately 9% due to seasonality and macroeconomic conditions, while revenue in Europe increased by approximately 25% compared to the fourth quarter of 2022.

What Else?

Enphase says the company exited the first quarter of 2023 with $1.78 billion in cash, cash equivalents and marketable securities and generated $246.2 million in cash flow from operations.

Meanwhile, the company's capital expenditures were $22.5 million in the first quarter of 2023, compared to $16.4 million in the fourth quarter of 2022.

The increase was primarily due to investment in R&D equipment and U.S. manufacturing.

Additionally, Enphase says the company's non-GAAP operating expenses were $98.4 million in the first quarter of 2023, compared to $87.7 million in the fourth quarter of 2022.

The company attributes this rise in expense primarily due to investment in international growth and R&D.

According to data from Benzinga Pro, ENPH has a 52-week high of $339.92 and a 52-week low of $128.67.