Enphase ‘tripling down’ on Europe as Russia war sends power prices up

Enphase Energy is setting its sights on Europe, as Russia’s invasion of Ukraine sends power prices to record highs, giving homeowners a “strong desire” for energy independence.

CEO Badri Kothandaraman said Tuesday that the company is “tripling down on Europe in terms of spending.” The comments followed the company’s first-quarter earnings, which beat analyst expectations on the top and bottom line.

Here’s how Enphase did versus analysts’ expectations, as compiled by Refinitiv:

• Earnings: 79 cents per share, adjusted, vs 67 cents expected
• Revenue: $441 million vs $432 million expected.

Enphase, which makes microinverters and backup energy storage for solar systems, reported record revenue during the period, with sales jumping 46% year…