Here's Why Enphase Energy Stock Is Soaring Today
Shares of Enphase Energy (NASDAQ: ENPH) rose as much as 43.3% today after the company reported fourth-quarter and full-year 2019 operating results. The solar hardware leader met the top end of Q4 guidance for revenue and gross margin. It was the company's first quarterly period with at least $200 million in revenue.
Even more impressively, the business generated full-year 2019 operating income of $102 million, compared to only $1.6 million in the previous year. Enphase Energy expects for the momentum to continue in the first quarter of 2020, but management has already begun preparing investors for slightly reduced operating margin as it ramps up investments to support its fledgling energy storage portfolio.
As of 1:24 p.m. EST, the renewable energy stock had settled to a 39.3% gain.
Source Fool.com
