Sam Boughedda

Investing.com — Enphase Energy Inc (NASDAQ:) reported better-than-expected first-quarter earnings, sending its shares 7.5% higher on Wednesday.

This record was set by the energy technology company, which beat analysts’ estimate of $429.91 millions. Adjusted earnings per share also beat analyst estimates by $0.68, reaching $0.79. 

Badri Kothandaraman, CEO of the company, stated that the company has “tripled down” on Europe’s spending.

Kothandaraman, on its earnings call stated they anticipate momentum in Europe continuing with over 40% sequential revenue growth for Q2 as compared to Q1.  

He stated that they continue to grow their team, and are extremely excited about the potential for growth.

Enphase ended the quarter with $1.1 million in cash or equivalents. They also stated that shipments for its IQ8 microinverters continued to grow. 

According to the company, they shipped batteries to America, Germany and Belgium in the first quarter and made several improvements to homeowner and installer experience. More than 1300 certified installers are now available in the U.S. to install our batteries.

Enphase expects to generate revenue of between $490 and $520 million during the second quarter. 

After the news, shares of the company rose more than 9%.