Here's Why Enphase Energy Is Soaring Today
Shares of Enphase Energy (NASDAQ: ENPH) rose as much as 33.6% today after the company reported impressive second-quarter 2019 operating results. The risks of tariffs and component shortages have been steamrolled by the company's momentum. In fact, the microinverter supplier managed to address both risks by working with one of its manufacturing partners, Flex, to start up a new facility in Mexico. The operation will make it easier for Enphase to meet customer demands in the United States while avoiding tariffs, and it will also be able to step in to fill the gaps for international customers.
But that important development turned out to be a footnote in the Q2 report. Enphase Energy delivered year-over-year growth on every important financial metric and even blew past its own long-term 30-20-10 goal, which targets 30% gross margin, 20% operating expenses, and 10% operating margin on a non-GAAP (generally accepted accounting principles) basis. The business achieved 34-17-17 in the most recent quarter.
As of 12:34 p.m. EDT, the stock had settled to a 30.9% gain.
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