Enphase Energy, Inc. ENPH reported first-quarter 2021 adjusted earnings of 56 cents per share, which surpassed the Zacks Consensus Estimate of 41 cents by 36.6%. The bottom line also surged 47.4% from 38 cents reported in the prior-year quarter.Including one-time adjustments, the company posted GAAP earnings of 22 cents per share compared with 50 cents in the year-ago quarter.The year-over-year uptick can be attributed to solid revenues and operating income growth in the first quarter.RevenuesEnphase Energy’s first-quarter revenues of $301.8 million beat the Zacks Consensus Estimate of $293 million by 3.1%. The top line soared 105.2% on solid shipments from the year-ago quarter’s $205.5 million.Operational HighlightsEnphase Energy’s total shipments during the reported quarter amounted to approximately 830 megawatts DC or 2,452,765 microinverters.The company concluded two acquisitions — Sofdesk, Inc. and the Solar Design Services business of DIN Engineering Services, LLP — to accelerate its digital transformation.Gross profit totaled $122.9 million, soaring 52.4% from $80.7 million a year ago.Total operating expenses surged 71.2% year over year to $61.6 million. This can be attributed to higher research and development, sales and marketing, and general and administrative expenses.Operating income during the quarter totaled $61.4 million compared with $44.7 million in the year-ago quarter.Enphase Energy, Inc. Price, Consensus and EPS Surprise Enphase Energy, Inc. price-consensus-eps-surprise-chart | Enphase Energy, Inc. QuoteFinancial PerformanceEnphase Energy had $1,489 million of cash and cash equivalents as of Mar 31, 2021, up from $679.4 million at the end of 2020.Cash flow from operating activities amounted to $75.8 million in first-quarter 2021 compared with $39.2 million in the year-ago period.Q2 GuidanceFor second-quarter 2021, Enphase Energy expects revenues of $300-$320 million. The Zacks Consensus Estimate for the same is pegged at $318 million, higher than the midpoint of the company’s guided range.Adjusted operating expenses are expected between $53 million and $56 million, excluding approximately $17 million estimated for stock-based compensation expenses, acquisition-related expenses and amortization.Adjusted gross margin is likely to be 38-41%.Zacks RankEnphase Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Upcoming Solar ReleasesSolarEdge Technologies SEDG is set to release first-quarter numbers on May 3.Sunrun RUN is set to release first-quarter 2021 results on May 5.SunPower Corporation SPWR is set to release first-quarter 2021 results on May 5.Zacks Names “Single Best Pick to Double”From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SunPower Corporation (SPWR): Free Stock Analysis Report Enphase Energy, Inc. (ENPH): Free Stock Analysis Report SolarEdge Technologies, Inc. (SEDG): Free Stock Analysis Report Sunrun Inc. (RUN): Free Stock Analysis Report To read this article on Zacks.com click here.