Enphase Energy Inc (NASDAQ:ENPH) shares fell as much as 13% in late Thursday trading after the solar company offered a much weaker-than-expected revenue forecast for its third quarter.
For Q2, Enphase reported an adjusted EPS of $1.47 on revenue of $711.1 million, which compares to the consensus for earnings of $1.27 per share on revenue of $725.5M. CapEx soared to $44M while analysts expected just $18.3M (NYSE:MMM).
For this quarter, Enphase sees revenue in the range of $550M-$600M, compared to the consensus for $748M.
The company said its Board has recently authorized a new share repurchase program worth up to $1 billion.