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.
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.
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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.
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.
Research Chief 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.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
Get the latest research report on JKS - FREE
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