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SolarEdge (SEDG) Q4 Earnings Top Estimates, Revenues Fall Y/Y
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Shares of SolarEdge Technologies, Inc. (SEDG - Free Report) lost 12.1% to reach $74.14 on Feb 21, following the company’s latest financial report release.
It reported a fourth-quarter 2023 adjusted loss of 92 cents per share, narrower than the Zacks Consensus Estimate of loss of $1.47. The bottom line deteriorated from the prior-year quarter’s reported earnings of $2.86 per share.
Barring one-time adjustments, the company recorded a GAAP loss of $2.85 per share against earnings of 36 cents recorded in the year-ago period.
For 2023, SEDG reported adjusted earnings of $4.12, down 30.8% from $5.95 in the prior year
Revenues
The company’s quarterly revenues of $316 million missed the Zacks Consensus Estimate of $320 million by 1.2%. The top line also declined 64.5% from the year-ago quarter’s figure of $890.7 million.
Revenues from the solar segment totaled $282.4 million, down 66% from $837 million registered in the prior-year period.
For 2023, SolarEdge reported revenues of $2.98 billion, down 4.3% from $3.11 billion in the prior year.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge shipped a total of 901 megawatts of inverters and 133 megawatt-hours of batteries in the reported quarter.
The adjusted gross margin contracted 2,690 basis points to 3.3% from the prior-year figure of 30.2%.
Adjusted operating expenses went down 1% year over year to $118.3 million.
The adjusted operating loss totaled $107.8 million against an operating income of $149.6 million in the prior-year quarter.
Financial Performance
SolarEdge had $338.5 million in cash and cash equivalents as of Dec 31, 2023, compared with $783.1 million as of Dec 31, 2022.
The cash outflow from operating activities for 2023 amounted to $180.1 million against a cash inflow of $31.3 million in the prior year.
Total long-term liabilities were $1.28 billion as of Dec 31, 2023, compared with $1,20 billion as of Dec 31, 2022.
Q1 2024 Guidance
SEDG expects revenues in the range of $175-$215 million for the first quarter of 2024. The Zacks Consensus Estimate for the same is pegged at $344.9 million, which lies higher than the company’s guided range.
Revenues from the solar segment are projected in the range of $160-$200 million for the same time frame.
SEDG expects adjusted operating expenses in the $122-$130 million range.
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2023 adjusted earnings of 54 cents per share, indicating a 64.2% decline from $1.51 reported in the prior-year quarter. The bottom line met the Zacks Consensus Estimate.
Enphase Energy’s fourth-quarter revenues of $302.6 million missed the Zacks Consensus Estimate of $327 million by 7.5%. The top line also declined 58.2% from the prior-year quarter’s reported figure of $724.7 million.
SunPower Corporation (SPWR - Free Report) reported a fourth-quarter 2023 adjusted loss of 51 cents per share against earnings of 11 cents posted in the prior-year period. The loss was wider than the Zacks Consensus Estimate of a loss of 27 cents per share.
During the quarter under review, SunPower’s adjusted revenues totaled $361.3 million, while GAAP revenues amounted to $356.9 million. The GAAP top line deteriorated 28.3% from the year-ago quarter’s figure of $498 million. The Zacks Consensus Estimate for SPWR’s top line was pegged at $365 million.
Upcoming Solar Release
First Solar, Inc. (FSLR - Free Report) : The Zacks Consensus Estimate for FSLR’s fourth-quarter revenues is pegged at $1.31 billion, implying growth of 30.8% from the year-ago period’s reported figure.
The Zacks Consensus Estimate for First Solar’s fourth-quarter earnings is pegged at $3.19 per share, implying a massive improvement from the year-ago quarter’s reported loss. First Solar has a trailing four-quarter average earnings surprise of 28.97%.
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SolarEdge (SEDG) Q4 Earnings Top Estimates, Revenues Fall Y/Y
Shares of SolarEdge Technologies, Inc. (SEDG - Free Report) lost 12.1% to reach $74.14 on Feb 21, following the company’s latest financial report release.
It reported a fourth-quarter 2023 adjusted loss of 92 cents per share, narrower than the Zacks Consensus Estimate of loss of $1.47. The bottom line deteriorated from the prior-year quarter’s reported earnings of $2.86 per share.
Barring one-time adjustments, the company recorded a GAAP loss of $2.85 per share against earnings of 36 cents recorded in the year-ago period.
For 2023, SEDG reported adjusted earnings of $4.12, down 30.8% from $5.95 in the prior year
Revenues
The company’s quarterly revenues of $316 million missed the Zacks Consensus Estimate of $320 million by 1.2%. The top line also declined 64.5% from the year-ago quarter’s figure of $890.7 million.
Revenues from the solar segment totaled $282.4 million, down 66% from $837 million registered in the prior-year period.
For 2023, SolarEdge reported revenues of $2.98 billion, down 4.3% from $3.11 billion in the prior year.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge Technologies, Inc. price-consensus-eps-surprise-chart | SolarEdge Technologies, Inc. Quote
Operational Highlights
SolarEdge shipped a total of 901 megawatts of inverters and 133 megawatt-hours of batteries in the reported quarter.
The adjusted gross margin contracted 2,690 basis points to 3.3% from the prior-year figure of 30.2%.
Adjusted operating expenses went down 1% year over year to $118.3 million.
The adjusted operating loss totaled $107.8 million against an operating income of $149.6 million in the prior-year quarter.
Financial Performance
SolarEdge had $338.5 million in cash and cash equivalents as of Dec 31, 2023, compared with $783.1 million as of Dec 31, 2022.
The cash outflow from operating activities for 2023 amounted to $180.1 million against a cash inflow of $31.3 million in the prior year.
Total long-term liabilities were $1.28 billion as of Dec 31, 2023, compared with $1,20 billion as of Dec 31, 2022.
Q1 2024 Guidance
SEDG expects revenues in the range of $175-$215 million for the first quarter of 2024. The Zacks Consensus Estimate for the same is pegged at $344.9 million, which lies higher than the company’s guided range.
Revenues from the solar segment are projected in the range of $160-$200 million for the same time frame.
SEDG expects adjusted operating expenses in the $122-$130 million range.
Zacks Rank
SolarEdge currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2023 adjusted earnings of 54 cents per share, indicating a 64.2% decline from $1.51 reported in the prior-year quarter. The bottom line met the Zacks Consensus Estimate.
Enphase Energy’s fourth-quarter revenues of $302.6 million missed the Zacks Consensus Estimate of $327 million by 7.5%. The top line also declined 58.2% from the prior-year quarter’s reported figure of $724.7 million.
SunPower Corporation (SPWR - Free Report) reported a fourth-quarter 2023 adjusted loss of 51 cents per share against earnings of 11 cents posted in the prior-year period. The loss was wider than the Zacks Consensus Estimate of a loss of 27 cents per share.
During the quarter under review, SunPower’s adjusted revenues totaled $361.3 million, while GAAP revenues amounted to $356.9 million. The GAAP top line deteriorated 28.3% from the year-ago quarter’s figure of $498 million. The Zacks Consensus Estimate for SPWR’s top line was pegged at $365 million.
Upcoming Solar Release
First Solar, Inc. (FSLR - Free Report) : The Zacks Consensus Estimate for FSLR’s fourth-quarter revenues is pegged at $1.31 billion, implying growth of 30.8% from the year-ago period’s reported figure.
The Zacks Consensus Estimate for First Solar’s fourth-quarter earnings is pegged at $3.19 per share, implying a massive improvement from the year-ago quarter’s reported loss. First Solar has a trailing four-quarter average earnings surprise of 28.97%.