Enphase Energy Q3 Profit Falls to $23.4 Million as Revenue Drops 28.5%

Enphase Energy Inc. (ENPH) reported third-quarter GAAP earnings of $23.39 million, or $0.17 per share, down from $66.64 million, or $0.50 per share, a year earlier, the company announced. Revenue for the period fell 28.5% to $293.33 million from $410.43 million last year. Excluding items, the solar equipment maker posted adjusted earnings of $54.00 million, or $0.41 per share. The company guided next-quarter revenue to a range of $225.0 million to $255.0 million, below the just-reported quarter.