Enphase Energy Profit Slips as U.S. Sales Fall

Dow Jones07-29

Enphase Energy reported lower second-quarter profit as U.S. sales declined, though revenue rose on higher safe-harbor shipments and strong growth in Europe.

The residential solar technology company on Tuesday reported net income of $36.1 million, or 27 cents a share, compared with $37.1 million, or 28 cents a share, a year earlier.

Adjusted earnings were 46 cents a share, matching analysts' estimates compiled by FactSet.

The company said it received $52 million in tariff refunds during the latest period.

Revenue rose to $292 million. Analysts surveyed by FactSet forecast revenue of $290 million.

The company said second-quarter revenue included $84.3 million of safe-harbor revenue, up from $34.5 million in the first quarter. Revenue in the U.S. fell about 3%, while European revenue increased about 35%.

For the third quarter, Enphase forecast revenue of $290 million to $320 million, compared with analysts' expectations of $304 million, with the outlook including about $75 million of safe-harbor shipments.

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