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SolarEdge Technologies (SEDG) Q1 Loss Widens, Revenues Fall Y/Y
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SolarEdge Technologies, Inc. (SEDG - Free Report) reported a first-quarter 2024 adjusted loss of $1.90 per share, wider than the Zacks Consensus Estimate of a loss of $1.58. The bottom line also deteriorated from the prior-year quarter’s reported earnings of $2.90 per share.
Barring one-time adjustments, the company recorded a GAAP loss of $2.75 per share against GAAP earnings of $2.35 per share recorded in the year-ago period.
Revenues
The company’s quarterly revenues of $204.4 million surpassed the Zacks Consensus Estimate by 4.9%. However, the top line declined 78.3% from the year-ago quarter’s figure of $943.9 million.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
Revenues from the solar segment totaled $190.1 million, down 79% from $908.5 million registered in the prior-year period.
Operational Highlights
SolarEdge shipped a total of 946 megawatts of inverters and 128 megawatt-hours of batteries in the reported quarter.
The adjusted gross loss came in at $13.3 million against the adjusted gross profit of $307.4 million recorded in the prior-year period.
Adjusted operating expenses went down 11.6% year over year to $109.2 million.
The company incurred an adjusted operating loss of $122.5 million against an operating income of $183.8 million in the prior-year quarter.
Financial Performance
SolarEdge had $214.2 million in cash and cash equivalents as of Mar 31, 2024 compared with $338.5 million as of Dec 31, 2023.
The cash outflow from operating activities for the first quarter of 2024 amounted to $217 million against a cash inflow of $7.9 million in the prior year quarter.
Total long-term liabilities were $1.27 billion as of Mar 31, 2024 compared with $1.28 billion as of Dec 31, 2023.
Q2 2024 Guidance
SEDG expects revenues in the range of $250-$280 million for the second quarter of 2024. The Zacks Consensus Estimate for the same is pegged at $304.2 million, which is much higher than the company’s guided range.
Revenues from the solar segment are projected in the range of $225-$255 million for the same time frame.
SEDG expects adjusted operating expenses in the $116-$120 million range.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2024 adjusted earnings of 35 cents per share, highlighting a 74.5% decline from $1.37 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 42 cents per share by 16.7%.
ENPH’s first-quarter revenues of $263.3 million missed the Zacks Consensus Estimate of $284 million. The top line also declined 63.7% from the prior-year quarter’s reported figure of $726 million.
Sunnova Energy (NOVA - Free Report) reported a first-quarter 2024 loss of 57 cents per share, highlighting an improvement from the loss of 70 cents per share reported in the prior-year quarter. The bottom line also came in narrower than the Zacks Consensus Estimate of a loss of 79 cents per share.
NOVA’s first-quarter revenues of $160.9 million missed the Zacks Consensus Estimate of $198 million. The top line also slipped 0.5% from the prior-year quarter’s reported figure of $161.7 million.
JinkoSolar Holding (JKS - Free Report) reported first-quarter 2024 earnings per American Depositary Share of 74 cents per share, down from $2.18 reported in the prior-year quarter. The Zacks Consensus Estimate for earnings was pegged at a loss of 44 cents per share.
JKS’ first-quarter revenues of $3.19 billion missed the Zacks Consensus Estimate of $3.27 billion. The top line also slipped 5.9% from the prior-year quarter’s reported figure of $3.39 million.
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SolarEdge Technologies (SEDG) Q1 Loss Widens, Revenues Fall Y/Y
SolarEdge Technologies, Inc. (SEDG - Free Report) reported a first-quarter 2024 adjusted loss of $1.90 per share, wider than the Zacks Consensus Estimate of a loss of $1.58. The bottom line also deteriorated from the prior-year quarter’s reported earnings of $2.90 per share.
Barring one-time adjustments, the company recorded a GAAP loss of $2.75 per share against GAAP earnings of $2.35 per share recorded in the year-ago period.
Revenues
The company’s quarterly revenues of $204.4 million surpassed the Zacks Consensus Estimate by 4.9%. However, the top line declined 78.3% from the year-ago quarter’s figure of $943.9 million.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge Technologies, Inc. price-consensus-eps-surprise-chart | SolarEdge Technologies, Inc. Quote
Revenues from the solar segment totaled $190.1 million, down 79% from $908.5 million registered in the prior-year period.
Operational Highlights
SolarEdge shipped a total of 946 megawatts of inverters and 128 megawatt-hours of batteries in the reported quarter.
The adjusted gross loss came in at $13.3 million against the adjusted gross profit of $307.4 million recorded in the prior-year period.
Adjusted operating expenses went down 11.6% year over year to $109.2 million.
The company incurred an adjusted operating loss of $122.5 million against an operating income of $183.8 million in the prior-year quarter.
Financial Performance
SolarEdge had $214.2 million in cash and cash equivalents as of Mar 31, 2024 compared with $338.5 million as of Dec 31, 2023.
The cash outflow from operating activities for the first quarter of 2024 amounted to $217 million against a cash inflow of $7.9 million in the prior year quarter.
Total long-term liabilities were $1.27 billion as of Mar 31, 2024 compared with $1.28 billion as of Dec 31, 2023.
Q2 2024 Guidance
SEDG expects revenues in the range of $250-$280 million for the second quarter of 2024. The Zacks Consensus Estimate for the same is pegged at $304.2 million, which is much higher than the company’s guided range.
Revenues from the solar segment are projected in the range of $225-$255 million for the same time frame.
SEDG expects adjusted operating expenses in the $116-$120 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 first-quarter 2024 adjusted earnings of 35 cents per share, highlighting a 74.5% decline from $1.37 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 42 cents per share by 16.7%.
ENPH’s first-quarter revenues of $263.3 million missed the Zacks Consensus Estimate of $284 million. The top line also declined 63.7% from the prior-year quarter’s reported figure of $726 million.
Sunnova Energy (NOVA - Free Report) reported a first-quarter 2024 loss of 57 cents per share, highlighting an improvement from the loss of 70 cents per share reported in the prior-year quarter. The bottom line also came in narrower than the Zacks Consensus Estimate of a loss of 79 cents per share.
NOVA’s first-quarter revenues of $160.9 million missed the Zacks Consensus Estimate of $198 million. The top line also slipped 0.5% from the prior-year quarter’s reported figure of $161.7 million.
JinkoSolar Holding (JKS - Free Report) reported first-quarter 2024 earnings per American Depositary Share of 74 cents per share, down from $2.18 reported in the prior-year quarter. The Zacks Consensus Estimate for earnings was pegged at a loss of 44 cents per share.
JKS’ first-quarter revenues of $3.19 billion missed the Zacks Consensus Estimate of $3.27 billion. The top line also slipped 5.9% from the prior-year quarter’s reported figure of $3.39 million.