By Sam Boughedda
Investing.com -- Enphase Energy Inc (NASDAQ:ENPH) reported better-than-expected first-quarter earnings, sending its shares 7.5% higher on Wednesday.
The energy tech company reported a record quarterly revenue of $441.29 million, beating analysts' estimates of $429.91 million. Alongside revenue, adjusted earnings per share beat analyst forecasts of $0.68 to reach $0.79.
Meanwhile, the company's CEO Badri Kothandaraman said the company is "tripling down on Europe in terms of spending."
On its earnings call, Kothandaraman said they expect momentum in Europe to continue with more than 40% sequential revenue growth expected in Q2 versus Q1.
He added that they are continuing to expand their team and are very excited about their growth in the region.
Enphase exited the first quarter with $1.1 billion in cash or cash equivalents, and they stated that shipments of its IQ8 Microinverters continue to grow strongly.
The company said, "We shipped batteries to the U.S., Germany, and Belgium during the first quarter, and continued to make several updates to improve the installer and homeowner experience. We now have more than 1,300 installers in the U.S. that are certified to install our batteries."
Enphase sees revenue between $490 million to $520 million in the second quarter.
The company's stock gained more than 9% following the report.