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As the Q3 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the renewable energy industry, including Enphase (NASDAQ:ENPH) and its peers.
Renewable energy companies are buoyed by the secular trend of green energy that is upending traditional power generation. Those who innovate and evolve with this dynamic market can win share while those who continue to rely on legacy technologies can see diminishing demand, which includes headwinds from increasing regulation against “dirty” energy. Additionally, these companies are at the whim of economic cycles, as interest rates can impact the willingness to invest in renewable energy projects.
The 19 renewable energy stocks we track reported a slower Q3. As a group, revenues missed analysts’ consensus estimates by 7% while next quarter’s revenue guidance was 7.2% below.
In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.
Enphase (NASDAQ:ENPH)
The first company to successfully commercialize the solar micro-inverter, Enphase (NASDAQ:ENPH) manufactures software-driven home energy products.
Enphase reported revenues of $380.9 million, down 30.9% year on year. This print fell short of analysts’ expectations by 3.3%. Overall, it was a softer quarter for the company with revenue guidance for next quarter missing analysts’ expectations.
Unsurprisingly, the stock is down 31.1% since reporting and currently trades at $63.60.
Read our full report on Enphase here, it’s free.
Best Q3: American Superconductor (NASDAQ:AMSC)
Founded in 1987, American Superconductor (NASDAQ:AMSC) has shifted from superconductor research to developing power systems, adapting to changing energy grid needs and naval technology requirements.
American Superconductor reported revenues of $54.47 million, up 60.2% year on year, outperforming analysts’ expectations by 6.1%. The business had an exceptional quarter with an impressive beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.
The market seems happy with the results as the stock is up 19.7% since reporting. It currently trades at $28.14.
Is now the time to buy American Superconductor? Access our full analysis of the earnings results here, it’s free.
Weakest Q3: Blink Charging (NASDAQ:BLNK)
One of the first EV charging companies to go public, Blink Charging (NASDAQ:BLNK) is a manufacturer, owner, operator, and provider of electric vehicle charging equipment and networked EV charging services.
Blink Charging reported revenues of $25.19 million, down 41.9% year on year, falling short of analysts’ expectations by 28.1%. It was a disappointing quarter as it posted full-year revenue guidance missing analysts’ expectations.