Enphase Energy net loss halves in Q2 2014

Aug 7, 2014 - US solar microinverter maker Enphase Energy Inc (NASDAQ:ENPH) Tuesday reported a second-quarter net loss of USD 3 million (EUR 2.2m), compared to the USD 6.4 million a year ago.

The improvement came as a result of improved demand in the sector.

Gross margin also grew to 32.7% from 28% a year earlier. The company guided for a third-quarter gross margin in the range of 32% to 34%.

Sales for the April-June quarter totalled USD 82 million, up by 41% on the year. "Strong demand for our microinverter systems in our core US residential market, as well as in the UK and Australia, continued to drive our business momentum into the second quarter," explained CEO Paul Nahi. The company sold 598,000 microinverters, registering a 54% on-the-year increase in capacity sold to 132 MW. It expects sales between USD 93 million and USD 98 million for the third quarter.

"I am extremely pleased with our financial performance in the second quarter," said CFO Kris Sennesael.

Enphase Energy's net loss for the first six months of 2014 shrunk to USD 9.3 million from USD 16.8 million and revenue grew to USD 139.6 million from USD 103.7 million a year ago.

(USD 1 = EUR 0.747)

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