Shares of several solar companies are trading higher on Wednesday in sympathy with Enphase Energy Inc ENPHwhich paid off better than expected financial results late Tuesday.
Some of the solar names trading higher following Enphase’s quarterly results include Premier Solaire Inc. FSLR, Canadian Solar Inc. CSIQ, SolarEdge Technologies Inc. SEDG and Sunrun Inc CLASSES.
What happened: Enphase reported third-quarter revenue of $634.71 million, above average analyst estimates of $610.65 million, according to BenzingaPro. The company reported quarterly adjusted earnings of $1.25 per share, beating average estimates of $1.08 per share.
Enphase said it expects fourth-quarter revenue to be between $680 million and $720 million, versus analysts’ average estimate of $660.21 million. Several solar names traded higher on the report.
First Solar designs and manufactures solar photovoltaic panels, modules and systems for large-scale development projects. The stock was up 4.31% at press time.
Canadian Solar is an integrated supplier of solar energy products, services and system solutions. Shares of CSIQ rose 6.9% when last checked.
SolarEdge designs, develops and sells DC-optimized inverter systems for solar photovoltaic installations. The stock was up 8.33% at press time.
Sunrun is engaged in the design, development, installation, sale, ownership and maintenance of residential solar power systems in the United States. RUN shares were up 6.91% at press time.
Photo: schropferoval from Pixabay.