February 20 (Renewables Now) - US solar microinverters maker Enphase Energy Inc (NASDAQ:ENPH) returned to a GAAP net profit in 2019 after sales in the year almost doubled to USD 624.3 million (EUR 578.6m).
The California-based company closed the past year with a net profit of USD 161.1 million, against a loss of USD 11.6 million in 2018, which marked its first full year of GAAP profitability ever, it said on Tuesday. This came on the back of increased revenues and a gross margin that rose to 35.4%.
In the fourth quarter, Enphase enjoyed high demand for its products, and the IQ 7A microinverter in particular, which pushed revenues up to USD 210 million. It shipped 2,112,725 microinverters in the three months with a total direct current (DC) capacity of around 677 MW.
The table below gives more details about the company’s performance in the fourth quarter (Q4) and full 2019.
|Results in USD million||Q4 2019||Q4 2018||2019||2018|
|Gross margin (%)||37.1||30.5||35.4||29.9|
|Non-GAAP Gross margin (%)||37.3||30.7||35.7||30.2|
|GAAP net profit (loss)||116.7||0.71||161.1||(11.6)|
|Non-GAAP net profit (loss)||52||5.1||124.2||10|
Looking ahead, Enphase expects to record revenues of between USD 200 million and USD 210 million in the first quarter of 2020. The GAAP and non-GAAP gross margins are seen to be within the 36%-39% range.
(USD 1.0 = EUR 0.927)