Shares of Enphase Energy Inc. ENPH, +2.65% soared 18.4% toward a five-week high in premarket trading Wednesday, after the energy technology company reported fourth-quarter profit that was well above expectations and record revenue, while also saying Chief Financial Officer Eric Branderiz will retire after about four years with the company for personal reasons. Branderiz, who joined the company in 2018, will be succeeded as CFO by Mandy Yang, who is currently Chief Accounting Officer, effective Feb. 15. Late Tuesday, the company reported net income that more than doubled to $52.6 million, or 37 cents a share, from $21.8 million, or 15 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 73 cents beat the FactSet consensus of 59 cents. Revenue grew 17.4% to a record $412.7 million, above the FactSet consensus of $410.2 million. The company said it expects first-quarter revenue of $420 million to $440 million, surrounding the FactSet consensus of $423 million. The stock has tumbled 39.6% over the past three months while the S&P 500 SPX, +0.84% has slipped 3.5%.
Enphase Energy stock soars after big profit beat; CFO to retire for personal reasons
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