Enphase Energy’s Earnings and Guidance Top Estimates. The Stock Is Soaring.

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Enphase Energy

shares were soaring Wednesday after the solar energy company’s quarterly earnings and first-quarter guidance barreled past expectations.

Enphase (ticker:

ENPH

) reported an adjusted quarterly profit of 73 cents a share, topping expectations for 59 cents a share, on record revenue of $412.7 million, which beat estimates for $400.2 million. Non-GAAP gross margins came in at 40.2% for the quarter.

The company also beat expectations for yearly revenue, posting $1.38 billion and adjusted earnings of $2.41 a share.

“Total revenue increased 17%, compared to the third quarter of 2021,” CEO Badri Kothandaraman said in a press release. “We were able to meet the surge in customer demand while successfully navigating supply constraints and logistics challenges.”

For the first quarter of 2022, Enphase estimates revenue will be within a range of $420 million to $440 million, and non-GAAP gross margins could be between 38% and 41%. Analysts surveyed by FactSet are expecting revenue of $423.8 million.

The company also shared that current chief financial officer, Eric Branderiz, would retire from his role for personal reasons on Feb. 14. There are no disagreements between Branderiz and Enphase on any matters relating to operations, accounting principles, or policies, the company said in a filing with the Securities and Exchange Commission.

He will remain an adviser to the company through June 30 to train his successor, Mandy Yang, who is currently serving as the company’s vice president and chief accounting officer.

Enphase stock was up 20.7% to $174.40 in premarket trading on Wednesday.

Write to Sabrina Escobar at [email protected]