Enphase Energy Inc (ENPH)

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ENPH Enphase Energy Shares up After Co. Reports Record 1Q Revenue
12:16 pm ET May 6, 2020 (Dow Jones) Print
By Stephen Nakrosis

Shares of Enphase Energy Inc. are trading higher Wednesday, a day after the company said revenue in the first quarter of 2020 hit a record.

At 11:59 a.m. EDT, the company's shares had risen 18.71% to trade at $52.67.

After the bell Tuesday, Enphase said its first-quarter revenue of $205.5 million increased 105% year-over-year, hitting a new record.

The company also said, "As a result of global shelter-in-place rules, our engineering and certification activities experienced a slowdown. Consequently, we were unable to ship our Encharge battery storage system during the first quarter of 2020 as planned. We now expect shipments to begin in June 2020. To support the launch, we are ramping online installer training and tools while shelter-in-place and social distancing measures remain in force."

Enphase also said it expected second-quarter revenue in a range between $115 million to $130 million.

Earlier Wednesday, JP Morgan said it was raising its price target on Enphase's stock to $54 per share from $49.

Enphase Energy makes and sells microinverter systems for the solar photovoltaic industry.

--Write to Stephen Nakrosis at [e-mail]

(END) Dow Jones Newswires

May 06, 2020 12:16 ET (16:16 GMT)

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