Enphase Energy Sees US Solar Demand Rebounding

Enphase Energy (ENPH) was nan best-performing banal successful nan S&P 500 Wednesday, a time aft nan star powerfulness instrumentality shaper suggested nan slump successful request successful nan U.S. is apt over.

Chief Executive Officer (CEO) Badri Kothandaraman told analysts that nan sell-through complaint of Enphase's products successful nan U.S. was up 8% from nan first quarter, pinch nan complaint higher by 7% successful nan cardinal authorities of California. He said that indicates "our California business has stabilized."

CEO Says Enphase's Backlog Has Eased

Kothandaraman noted that nan company’s backlog has eased. He explained that "we person successfully normalized our transmission inventory." He added that Enphase believes nan Federal Reserve will trim liking rates this year, "improving star economics for nan U.S. consumers."

The news helped offset yet different dismal net study from Enphase, which posted an adjusted profit of $0.43 per share, little than a 3rd of what it was a twelvemonth ago. Revenue sank 57% to $303.5 million. Both were short of estimates.

The institution predicted current-quarter gross would beryllium successful nan scope of $370 cardinal to $410 million, pinch nan midpoint astir $4 cardinal beneath nan mean estimate of analysts polled by Visible Alpha.

Shares of Enphase Energy soared much than 13% to $117.72 arsenic of 2:15 p.m. ET Wednesday but are down much than 10% truthful acold successful 2024.