May 3 (Renewables Now) - US microinverters maker Enphase Energy Inc (NASDAQ:ENPH) boosted its first-quarter 2019 revenue by 43% year-on-year to USD 100.2 million (USD 112m) even as component shortages constrained sales in the period.
The company turned to a net profit of USD 2.8 million from a USD-5.1-million loss a year ago as its margins improved. Gross margin grew to 33.3% and would have been even higher if not for expedite fees related to air shipments the company had to make in order to service its customers.
Enphase Energy shipped 976,410 microinverters with a total direct current (DC) capacity of about 306 MW.
“We continued to see strong demand across the board from our customers, overcoming the typical first quarter seasonality in the solar industry,” said chief executive Badri Kothandaraman.
The table below contains details about Enphase Energy’s performance in the period.
|Results in million, unless specified||Q1 2019||Q4 2018||Q1 2018|
|Gross margin (in %)||33.3||30.5||26.2|
|Non-GAAP gross margin (in %)||33.5||30.7||26.5|
|Operating profit (loss)||7.1||5||(2.5)|
|Non-GAAP operating profit (loss)||11.3||8.6||0.86|
|Net profit (loss)||2.8||0.71||(5.1)|
|Non-GAAP net profit (loss)||9.5||5.1||(1.3)|
In the second quarter of 2019, the company expects revenues of between USD 115 million and USD 125 million. Its GAAP and non-GAAP gross margin is seen within a range of 32% to 35%.
(USD 1 = EUR 0.89)