Enphase Energy Inc. shares jumped more than 8% in the extended session Tuesday after the maker of inverters for solar-power systems reported fourth-quarter earnings that topped Wall Street views and upped its guidance for the current quarter.
said it was adding more manufacturing capacity in the U.S. thanks to “strong global demand” for its products and the tax incentives related to the Inflation Reduction Act.
“We plan to begin domestic manufacturing in the second quarter of 2023 with a new contract-manufacturing partner, and in the second half of 2023 with our two existing contract-manufacturing partners,” the company said, without further detail.
Enphase earned $153.8 million, or $1.06 a share, in the quarter, compared with $52.5 million, or 37 cents a share, in the year-ago period.
Adjusted for one-time items, it earned $1.51 a share.
Revenue was a “record” $725 million, from $417 million in the year-ago period and $635 million in the third quarter, the company said.
Analysts polled by FactSet expected Enphase to report adjusted earnings of $1.27 a share on sales of $707 million.
Enphase guided for first-quarter 2023 revenue between $700 million and $740 million, also well above FactSet consensus of revenue around $685 million in the quarter.
Enphase shares ended the regular trading day up 2.5%. The stock has rallied 63% in the past 12 months, contrasting with losses of around 7% for the S&P 500 index.