Why Enphase Stock Is Rocketing Higher After Earnings
Shares of solar panel power electronics and energy storage systems Enphase Energy (NASDAQ: ENPH) are up 18.7% at noon EDT on May 6. Enphase reported first-quarter results yesterday after market close, with sales more than doubling and operating income up more than six-fold year over year. This strong result came even as the coronavirus pandemic began affecting the company's results late in the quarter as more states implemented stay-at-home orders and businesses began to shut down and lay off workers.
Enphase reported $205.5 million in revenue, up 105% from last year, and net income of $0.50 per share, a massive improvement from last year's $0.02 per share. Gross margin improved from 33.3% to 39.2%, while the company generated a strong $39.2 million in operating cash flow.
Image source: Getty Images.
Source Fool.com
