Enphase Energy forecasts third-quarter revenue below estimates, shares fall
U.S. trade officials in April finalized steep tariffs on most solar cells imported from Southeast Asia, after American manufacturers complained that companies from the region were flooding the market with unfairly cheap goods.
Renewable energy companies such as Enphase are also facing significant uncertainty as Trump pushes to repeal or modify tax credits for solar and wind energy projects.
The Senate's massive budget bill that passed this month will make it harder to develop wind and solar energy projects. The legislation sharply reduces access to a 30% tax credit for solar and wind power projects that had been set to run until 2032, and which developers had relied on for future projects.
Enphase Energy now expects third-quarter revenue of between $330 million and $370 million, with the midpoint coming in below analysts' expectations of $369.7 million, according to data compiled by LSEG.
The company also forecast third-quarter gross margin of between 41% and 44%, lower than the 46.9% reported in the second quarter.
However, it beat second-quarter profit estimates as the company benefited from strong structural demand in the broader solar industry.
It posted an adjusted profit of 69 cents per share for the quarter ended June 30, compared with estimates of 62 cents.
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BBC News
4 minutes ago
- BBC News
Summer of stink: Inside America's garbage labour dispute
Garbage bags overflowing in dumpsters. Flies buzzing in the air. Malodorous fumes wafting in the summer sun – an unsightly mess is plaguing American cities from coast to coast this employees of Republic Services – a Fortune 500 private waste-management company with municipal contracts across America - have been refusing to take out the trash since going on strike over three weeks Teamsters union, which represents the company's workers, say they are being paid far below other sanitation workers and receive worse benefits. But the company says the union isn't willing to compromise, and while relations rot, so does the garbage. The strike began on 1 July with Local 25, which serves 14 communities in the Greater Boston area, and spread to several other cities in the US: Manteca, California; Ottawa, Illinois; Cumming, Georgia; and Lacey, Washington. More employees stopped work in solidarity. "The cost of living is high – what they're offering, I wouldn't be able to live on that in a month," said Mike Ortiz, a truck driver from Malden, Massachusetts who's worked in the industry for 17 peak, effectively over 2,000 garbage collectors across the country weren't on the job, impacting millions of Americans. While Republic and the union have resolved some local disputes, there's plenty of workers still holding out. Waste strikes hit a nerve In the ocean-side city of Gloucester, about an hour north of Boston, the sharp smell of salt air has been undercut by the lingering funk of rotting garbage, and squawking seagulls circle overhead."I mean, if this were going on in, you know, November, December, it wouldn't be as noticeable, the smell of it," Greg Vargas, the city's mayor, told the become a major nuisance for the mayor, who has joined forces with five other towns to sue Republic over breach of contract."When they were talking to us before the strike, they said, don't worry about it, we're a national company. We'll have people in place and take care of everything," he recalled. "That has not been delivered on since day one."Meanwhile, Republic Services has sued the Teamsters, accusing it of engaging in illegal behaviour."The Teamsters' pattern of criminal behaviour -including truck theft, tire slashing, spraying chemicals on drivers and hate speech - demonstrates the union's preference for chaos over compromise," the company said in a union denies the accusations. Garbage collectors in major cities like New York and Philadelphia are public employees, but smaller metropolises have long outsourced to private companies, like Republic. Founded over 40 years ago, the company took in $16bn in revenue in 2024, and frequently appears on the Fortune 500 list. At the heart of its success story has been a promise to customers: we'll whisk your trash out of sight, and you won't have to think about when the trash piles up, things can get ugly. "We have these negative associations with waste, particularly smellier waste, that is associated with poverty and disease – other things we don't like to see or think about," said Sarah A Moore, a professor in the Department of Geography at the University of Wisconsin, can give striking workers leverage, she said. In Philadelphia, where a separate garbage strike made headlines this summer, it took just eight days for the city to reach a deal with public workers, after trash overflowed into the streets and residents complained of rats running Lacey, Washington, which is outside the capital city of Olympia, the union representing the workers there reached an agreement with Republic Services after about a week, ending the strike. It has also reached a deal with the union in Manteca, California, near bedraggled residents who spoke to the BBC near Lacey last week said they felt the workers' absence during the strike. They described dirty diapers piling up at home, and striking sanitation workers described working under dangerous and filthy conditions. Workers on the picket line complained that Republic has not maintained equipment since taking over the Thurston County dump around two years ago."Things are constantly breaking down," says Eric Fiel, a veteran sanitation worker whose team moves 1.5 million lbs of rubbish every day."We have a pump system that keeps breaking. Basically it just pools up. You're wading through this water. It's full of faeces, diapers, animal faeces, whatever comes through."Will Zekas, in Lacey, told the BBC he appreciated the national effort that happened around the US, and attributed it to his union's ability to negotiate a better contract."Power lies in the solidarity," he said. Talks break down and trash piles up In the parts of Massachusetts affected by the Teamsters Local 25 strike, there appears to be no sign of a quick resolution. Mr Ortiz said the union and the company were farther away then ever on pay and health-care accuses the other of misrepresenting the conflict."Republic Services is focused on facts and reaching an agreement that provides our employees with market-leading pay and benefits, while Teamsters leadership is focused on disinformation and disruption," the company said in a towns and cities are having to get creative - and dig into their own pockets - to keep the trash under towns have created dump sites where residents can bring their own refuse. Gloucester has diverted some municipal workers to pickup duty, while other cities have had to outsource to different private contractors. The additional cost has been cited in the lawsuit against even cities that don't work with Republic are struggling to deal with the stalemate. In Boston, where many local businesses rely on the company for private collection, Mayor Michelle Wu said she would start fining Republic for failure to clear trash: "Your inability to collect trash from your customers due to the ongoing labor dispute at Republic Services is taking an unacceptable toll on Boston's residents, businesses, and neighborhoods."At a coffee shop in Malden, a few miles north of Boston, a garbage dumpster was overflowing on Wednesday, attracting a cloud of buzzing insects."It's been horrible, terrible, really. I don't know how to explain how frustrating it is," said business-owner Glaicy Santos. "We need the trash to be picked up every week because we have a lot of trash. When that doesn't happen, then that creates a big problem for us. And then it also becomes mosquitoes out there, or other rodents could be out there."She's not sure how much more she can take, but she may have a while to wait. Negotiations broke off last Friday, and the two parties have no date scheduled to head back to the bargaining table.
The Guardian
25 minutes ago
- The Guardian
Trump deflects Epstein questions as he arrives in Scotland for trade talks
The furore over Donald Trump's ties with the convicted sex offender Jeffrey Epstein continued on Friday as new revelations about the pair's relationship threatened to mire the president's golfing trip to Scotland, where he arrived late on Friday. After landing at Glasgow Prestwick airport at about 8.30pm local time on Friday, the US president denied reports that he had been briefed about his name appearing in files pertaining to the case against the late Epstein. He also claimed he had not 'really been following' the justice department's interview with Epstein's convicted longtime associate, Ghislaine Maxwell. 'A lot of people have been asking me about pardons' for Maxwell, Trump said. 'Obviously, this is no time to be talking about pardons. 'You're making a very big thing over something that's not a big thing.' Trump's name appeared on a contributor list for a book celebrating Epstein's 50th birthday in 2003, according to reporting from the New York Times, lending further weight to reports that the president participated in the leather-bound collection of messages, drawings and accolades – even though he denied that he contributed a signed and sexually suggestive note and drawing, as reported by the Wall Street Journal earlier this month. Trump's name is listed among Epstein's friends and acquaintances who contributed birthday messages for the professionally bound book which reportedly had multiple volumes, the New York Times reported. The tome opens with a handwritten letter, also reviewed by the outlet, from Maxwell, who is serving a 20-year federal prison sentence for conspiring to sexually traffic children. Maxwell had a second meeting on Friday with the US deputy attorney general and Trump's former personal criminal defense attorney, Todd Blanche, in Florida, where she is serving her prison term – following an initial face-to-face on Thursday. Trump was asked about Maxwell on Friday morning as he departed for Scotland with the shadow of the rumbling Epstein scandal hanging over the visit. Maxwell is appealing her conviction and the US president did not get into detail when asked about possible clemency for the disgraced British socialite and daughter of the late newspaper proprietor Robert Maxwell. Trump cited the ongoing investigation, while confirming he had the power of the presidential pardon, which can be used for federal or national level crimes but not state level. 'I'm allowed to do it, but it's something I have not thought about,' Trump told reporters outside the White House as he prepared to depart Washington DC. When he arrived in Scotland, a large crowd was on hand, and some looking on reportedly applauded him. He was greeted by Scottish secretary of state, Ian Murray, as he walked off Air Force One. The pair were seen shaking hands at the bottom of the aircraft stairs before Trump walked across the tarmac to a group of journalists to answer questions. Trump planned to spend the weekend at one of his golf properties near Turnberry. Early next week, he will be visiting Aberdeen, where his family has one golf course and is getting ready to open a second course soon. Trump plans to meet with the British prime minister, Keir Starmer, and the European Commission president, Ursula von der Leyen, to talk trade, amid his continual threats of imposing steep tariffs on US trading partners. But none of that could overshadow Epstein, whose birthday gift collection includes about five dozen contributions from public figures and unknown acquaintances, according to documents reviewed by the Times and the Wall Street Journal, and was assembled before Epstein's first arrest in 2006. The birthday book controversy has deepened anger over the decision by Trump's attorney general, Pam Bondi, and FBI director, Kash Patel, to backtrack on promises to release the Epstein investigative files. Trump has responded to the growing backlash from his usually loyal supporters – and Democrats – over the U-turn with mounting fury, claiming that news reports over the birthday book were fake news. Last week, Trump sued Journal's billionaire owner, Rupert Murdoch, publisher Dow Jones and two Journal reporters for libel and slander over claims that he sent Epstein a signed lewd letter and sketch of a naked woman as part of the birthday book. Sign up to This Week in Trumpland A deep dive into the policies, controversies and oddities surrounding the Trump administration after newsletter promotion 'A pair of small arcs denotes the woman's breasts, and the future president's signature is a squiggly 'Donald' below her waist, mimicking pubic hair,' the Journal reported of the alleged drawing. The letter allegedly concluded: 'Happy Birthday – and may every day be another wonderful secret.' Trump followed the lawsuit, which seeks $10bn in damages, by barring Journal reporters from this weekend's trip to Scotland. He also called for relevant grand jury testimony in the prosecution of Epstein to be publicly released, insisting that he had nothing to hide. On Wednesday, a district judge in Florida denied a request by Trump's Department of Justice to unseal the transcripts. Congress was sent home early for summer recess by the House speaker and Trump loyalist, Mike Johnson, in an effort to quell Democratic party demands for a vote on the Epstein files. But Trump's desire to play down his relationship with Epstein has been repeatedly thwarted by a steady drip of evidence – photos, videos, books and witnesses – that strongly suggest his name could appear in the files. Earlier this week, CNN published newly uncovered photos and videos that show Epstein at Trump's 1993 wedding to Marla Maples, and the pair at a Victoria's Secret event in 1993, seemingly joking with Trump's future wife, Melania Trump. The New York Times then reported that even before the birthday anthology, Trump had written another gushing note to Epstein in 1997. 'To Jeff – You are the greatest!' reads an inscription in a copy of Trump's book Trump: The Art of the Comeback that belonged to Epstein, which the Times said it had reviewed. And the Journal reported more details on the birthday book, which Epstein's brother Mark Epstein recalls Maxwell putting together. The contents page was organized into categories, with Trump and Bill Clinton listed under the 'Friends' group, according to the Journal. A message in Clinton's distinctive handwriting reportedly read: 'It's reassuring isn't it, to have lasted as long, across all the years of learning and knowing, adventures and [illegible word], and also to have your childlike curiosity, the drive to make a difference and the solace of friend.' Also listed as a friend is the Labour politician and current UK ambassador to the US, Peter Mandelson, whose tribute, the Journal reported, included photos of whiskey and a tropical island, and referred to Epstein as 'my best pal'. Clinton has previously said that he cut ties with Epstein more than a decade before his 2019 arrest and didn't know about Epstein's alleged crimes. In 2023, Mandelson told the Journal that he 'very much regrets ever having been introduced to Epstein'. A House committee on Wednesday voted to subpoena the justice department for the Epstein investigation files, with three Republicans voting alongside Democratic members. Democratic representative Ro Khanna of California has said he will subpoena Epstein's estate to hand over the book.
The Independent
32 minutes ago
- The Independent
Trump expected to hit the golf course on first day in Scotland
US President Donald Trump is expected to spend much of his first day in Scotland on the golf course he owns in Ayrshire. Mr Trump drew crowds to Prestwick Airport on Friday evening as Air Force One touched down ahead of a four-day visit that will also take him to the club his family owns in Aberdeenshire. With a meeting scheduled with European Commission president Ursula von der Leyen on Sunday and Prime Minister Sir Keir Starmer understood to be making the trip north on Monday, Mr Trump – a well-known golf enthusiast – appears to be free to play the vaunted Turnberry course on Saturday. But elsewhere, Scots will be protesting against the visit. The Stop Trump Coalition has announced demonstrations in Edinburgh – near the American consulate in the Scottish capital – and another in Aberdeen in the days before his visit there. As he landed in Ayrshire on Friday, the president took questions from journalists, telling Europe to 'get your act together' on immigration, which he said was 'killing' the continent. He also praised Sir Keir, who he described as a 'good man', who is 'slightly more liberal than I am'. Saturday will be the first real test of Police Scotland during the visit as it looks to control the demonstrations in Aberdeen and Edinburgh, as well as any which spring up near to the president's course. The force has asked for support from others around the UK to bolster officer numbers, with both organisations representing senior officers and the rank-and-file claiming there is likely to be an impact on policing across the country for the duration of the visit. First Minister John Swinney – who is also set to meet with the president during his time in Scotland – has urged Scots to protest 'peacefully and within the law'.
