When Enphase Energy Inc. (NASDAQ: ENPH) released its second-quarter financial results before the markets opened on Wednesday, the firm said that it had $0.18 in earnings per share (EPS) and $134.1 million in revenue. That compared with consensus estimates of $0.13 in EPS and $134.09 million in revenue, as well as the $0.02 per share on $75.9 million in the same period of last year.

During the latest quarter, revenues increased 77% year over year, and the firm shipped roughly 416 megawatts DC, or 1,283,680 microinverters. Enphase continued to see strong demand from its customers across the board.

While demand continued to outstrip available supply, management was able to increase capacity to better support its customers. As a result, Enphase is on track to have a supply of about 2 million microinverters in the fourth quarter of 2019.

Looking ahead to the third quarter, the company expects to see revenue in the range of $170 million to $180 million with a gross margin of 33% to 36%. Consensus estimates are calling for $0.14 in EPS and $128.24 million in revenue for the quarter.

Badri Kothandaraman, president and CEO, commented:

We exited the second quarter with $206.0 million in cash and generated $14.8 million in cash flows from operations. The second quarter cash balance included net proceeds of approximately $115.5 million on June 5, 2019 associated with the issuance of $132.0 million aggregate principal amount of convertible senior notes due 2024 and the repurchase of $60.0 million aggregate principal amount of convertible notes due 2023 in exchange for shares of Enphase Energy common stock and separate cash payments.

Shares of Enphase traded up about 29% on Wednesday, at $28.02, in a 52-week range of $3.70 to $28.23. The consensus price target is $20.13.

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