Enphase Energy Inc. shares jumped more than 12% in the extended session Tuesday after the alternative-energy company presented investors with a mixed quarter, but one that soothed more immediate concerns about the ailing sector.
Enphase
ENPH,
earned $21 million, or 15 cents a share, in the fourth quarter of 2023, compared with $154 million, or $1.06 a share, in the year-ago quarter. Adjusted for one-time items, the company earned 54 cents a share.
Revenue dropped 58% to $302.6 million, from $724.6 million a year ago.
Analysts polled by FactSet expected Enphase to report adjusted earnings of 55 cents a share on revenue of $328 million.
Investors seemed to be looking past the “mixed” picture, Truist Securities analyst Jordan Levy said in a note late Tuesday.
“On first read, we see this as a ‘good-enough’ release w/few surprises that should ultimately provide investors incremental confidence in the go-forward trajectory,” he wrote.
Enphase shares ended the regular trading day up 2.8%. In the past 12 months, the stock has dropped 55%, contrasting with gains of 20% for the S&P 500 index
SPX.