Solar Stocks Slide After Enphase's Weak Earnings
Several solar stocks, including Sunrun Inc (RUN), SolarEdge Technologies Inc (SEDG), and Sunnova Energy International Inc (NOVA), are trading lower in Tuesday's after-hours session. This decline follows Enphase Energy Inc's (ENPH) disappointing quarterly results, which sent its shares tumbling.
Enphase Energy's U.S. revenue fell by approximately 34% year-over-year in the first quarter, while European revenues increased by around 70%. The company attributed the U.S. decline to seasonality and softening demand, while citing inventory management as the reason for reduced shipments.
Adding to the selling pressure, Enphase issued weak guidance for the second quarter, projecting revenue between $290 million and $330 million, falling short of analyst estimates of $350.706 million. Enphase shares were down approximately 8% at the time of writing.
What to Expect from RUN, SEDG, and NOVA
Sunrun, SolarEdge Technologies, and Sunnova Energy are all scheduled to report their quarterly results in early May.
Sunnova will report after the market close on May 1. Analysts anticipate a loss of 73 cents per share on revenue of $194.778 million.
Sunrun is due to report earnings after the market close on May 8. The company is expected to report a loss of 46 cents per share and revenue of $470.894 million.
SolarEdge is also scheduled to report earnings after the market close on May 8. Analysts are looking for a loss of $1.57 per share on revenue of $194.061 million.
Price Action for RUN, SEDG, and NOVA
At the time of publication, Sunrun shares were down 1.07% at $10.17 after hours, SolarEdge shares were down 2.22% at $55.39, and Sunnova shares were down 1.02% at $3.88.