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Enphase Energy swings to profitability in Q4

Enphase Energy Inc. swung to profitability in the 2017 fourth quarter, reporting non-GAAP net income of $683,000, or 1 cent per share. The company posted a net loss of $9.3 million, or 15 cents per share, in the comparable 2016 quarter.

Non-GAAP operating income improved to $1.3 million in the most recent quarter, from an operating loss of $6.9 million a year ago, according to a Feb. 27 news release. Non-GAAP operating expenses were $18.0 million, an increase of 6% compared to the prior quarter, due to investments in IQ 8 platform development.

On a GAAP basis, the company narrowed its fourth-quarter net loss to $2.9 million, or 3 cents per share, in 2017, from $13.2 million, or 21 cents per share, in 2016. Operating loss also improved to $2.1 million from $10.1 million a year ago.

Revenue slid year over year to $79.7 million from $90.6 million. The company said it shipped 221 MWdc and 755,000 microinverters.

The company exited the quarter with about $29.1 million in cash.

For full-year results, Enphase Energy posted non-GAAP net loss of $20.5 million, or 25 cents per share, in 2017, compared with a loss of $52.4 million, or $1.06 per share, a year ago.

Non-GAAP operating loss was $15.7 million, compared with a loss of $48.4 million in the prior year.

On a GAAP basis, the company reported net loss of $45.2 million, or 54 cents per share, in 2017, up from a net loss of $67.5 million, or $1.34 per share, in 2016. Operating loss narrowed to $39.4 million, from $62.7 million a year ago.

Revenue totaled $286.2 million in 2017, down from $322.6 million in 2016.

Enphase Energy estimates revenue to be in the range of $65 million to $70 million and non-GAAP operating expenses to be within a range of $17.5 million to $18.5 million for the first quarter of 2018.