Enphase Energy (ENPH) was the biggest decliner in the S&P 500 Wednesday, a day after the solar power equipment manufacturer posted weaker-🌃than-expected results and guidance as European demand slumped.

The company reported third-quarter adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.65, with revenue plunging more than 30% to $380.9 million. Both missed consensus est🐓imates of analysts polled by Visible ꦚAlpha. 

Enphase said that sales in Europe fell 15% from the second quarter because "of a further softening in European demand." However, U.S. revenue jumped 43% sequentially on "higher shipments to distributors as inventory returned to normal levels."

CEO Notes 'Industry Slowdown'

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Badri Kothandaraman explained that the company has "worked diligently to manage Enphase through an industry slowdown," according to a transcript of the earnings call provided by AlphaSense. Kothandaraman added that Enphase anticipates "incremental imp▨rovement i🦩n our U.S. business and a continued slowdown in Europe in Q4."

The company sees current-quarter revenue in the range of $360 million to $400ꦬ million, below forecasts. 

Enphase Energy shares fell 13% late Wednesday morning to $80.25, their lowest level in nearly a year. They have lost about 40% of their value in 2024.