In a synchronized dive, shares of Sunrun Inc RUN, SolarEdge Technologies Inc SEDG, and Sunnova Energy International Inc NOVA traded downwards in Tuesday’s after-hours session, mirroring the plunge in Enphase Energy Inc ENPH following its weaker-than-anticipated quarterly results release.
Enphase’s first-quarter revenue reached $263.3 million, falling short of the $281.95 million estimates. Similarly, its EPS of 35 cents came in below the projected 40 cents. Notably, Enphase’s US revenue experienced a significant 34% year-over-year decline in Q1, while Europe saw a 70% increase.
Explaining the revenue drop compared to Q4 2023, Enphase cited seasonality and reduced US demand alongside efforts to manage channel inventory. The company’s lackluster guidance further fueled the after-hours sell-off, with its second-quarter revenue projection of $290 million to $330 million falling below the estimated $350.706 million.
Sunnova, Sunrun, and SolarEdge are all gearing up to report their quarterly results in early May. Sunnova is set to unveil its earnings after the market closes on May 1, with analysts predicting a loss per share of 73 cents on revenue of $194.778 million. Sunrun is slated to release its earnings after the market close on May 8, with expectations of a loss per share of 46 cents and revenue of $470.894 million. SolarEdge is also scheduled to report its earnings after the market close on May 8, with analysts anticipating a loss per share of $1.57 on revenue of $194.061 million.
As of the latest market update, Sunrun’s shares had dropped by 1.07% to $10.17, SolarEdge’s shares had fallen by 2.22% to $55.39, and Sunnova’s shares had declined by 1.02% to $3.88 in after-hours trading, as per Benzinga Pro.
