New Energy
Enphase Sees Soft Solar Market Rebounding Despite Weak Sales
- US revenue fell 34% but CEO says market hit bottom in Q1
- Higher borrowing costs and subsidy cuts have hurt results
Workers install solar panels on the rooftop of a home in Poway, California.
Photographer: Sandy Huffaker/BloombergSolar equipment giant Enphase Energy Inc. sees the sluggish US rooftop market rebounding this year even as the company forecast disappointing sales for the second quarter.
Enphase shares dipped 5.5% in post-market trading after the company reported first-quarter results that missed analyst expectations as US revenue fell 34% compared to the prior quarter. The weak results dragged down rival SolarEdge Technologies Inc. and home solar providers Sunrun Inc. and Sunnova Energy International Inc. The company’s earnings often are seen as a bellwether for the broader industry.