Why Enphase Energy Stock Is Ripping Higher After Hours

Enphase Energy Inc ENPH shares are up more than 10% after hours Tuesday after the company reported better-than-expected financial results and issued strong guidance.

Enphase's Q4 Results: Enphase said revenue climbed 14% sequentially to $724.65 million, which beat average analyst estimates of $706.51 million, according to Benzinga Pro. The company reported fourth-quarter earnings of $1.51 per share, which beat estimates of $1.24 per share.

Enphase said it ended the quarter with $1.61 billion in cash, cash equivalents and marketable securities. The company generated $253.7 million in cash flow from operations during the quarter. Gross margins were 43.8% in the fourth quarter.

"We are adding additional manufacturing capacity in the United States due to the strong global demand for our products as well as the incentives related to the Inflation Reduction Act," the company said. 

Enphase's Outlook: Enphase expects full-year 2023 revenue in a range of $700 million to $740 million versus estimates of $690.46 million. Gross margins are expected to be in a range of 40% to 43%.

See Also: Why Fortinet Stock Is Soaring After Hours

ENPH Price Action: Enphase has a 52-week high of $339.92 and a 52-week low of $118.57.

The stock was up 10.46% in after hours at $252.36 at time of publication, according to Benzinga Pro.

Photo: courtesy of Enphase Energy.