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SolarEdge (SEDG) Q2 Earnings Beat Estimates, Revenues Up Y/Y
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SolarEdge Technologies, Inc. (SEDG - Free Report) reported second-quarter 2020 adjusted earnings of 97 cents per share, which surpassed the Zacks Consensus Estimate of 69 cents by 40.6%. The bottom line, moreover, rose 3.2% from 94 cents in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 70cents per share compared with 66 cents in the year-ago quarter.
Revenues
SolarEdge’s revenues of $331.9 million in the second quarter surpassed the Zacks Consensus Estimate of $322 million by 3.2%. The top line also improved 2.1% from the year-ago quarter’s $325 million on solid commercial shipments.
Operational Highlights
SolarEdge shipped a total of 1.44 Gigawatts (AC) of inverters in the reported quarter.
Gross profit totaled $107.6 million, declining 7.2% from $115.9 million a year ago.
Total operating expenses improved 11.2% year over year to $61.1 million. The uptick can be attributed to higher research & development and general & administrative expenses.
Operating income during the quarter totaled $46.6 million, down23.7% from $61 million in the year-ago quarter.
Financial Performance
SolarEdge had $428.4 million of cash and cash equivalents as of Jun 30, 2020, up from $233.9 million at the end of 2019.
Cash flow from operating activities amounted to $59.3 million at the end of second-quarter 2020, up from $50.8 million a year ago.
Long-term liabilities were $276 million at the end of the second quarter compared with $246.2 million as of Dec 31, 2019.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
For third-quarter 2020, SolarEdge expects revenues of $325-$350 million. The Zacks Consensus Estimate for the same is pegged at $331.1 million, lower than the midpoint of the company’s guidance range.
Additionally, revenues from solar products in the third quarter are projected to be $305-$325 million.
While the company’s non-GAAP gross margin is expected to be 32-34%, gross margin from the sale of solar products is anticipated to be 33-35%.
Canadian Solar (CSIQ - Free Report) carries a Zacks Rank of 2, at present, and is scheduled to post second-quarter 2020 results on Aug 7.
First Solar (FSLR - Free Report) currently has a Zacks Rank #3 and is set to release second-quarter 2020 results on Aug 6.
Vivint Solar is presently a Zacks #3Ranked stock and scheduled to post second-quarter 2020 results on Aug 5.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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SolarEdge (SEDG) Q2 Earnings Beat Estimates, Revenues Up Y/Y
SolarEdge Technologies, Inc. (SEDG - Free Report) reported second-quarter 2020 adjusted earnings of 97 cents per share, which surpassed the Zacks Consensus Estimate of 69 cents by 40.6%. The bottom line, moreover, rose 3.2% from 94 cents in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 70cents per share compared with 66 cents in the year-ago quarter.
Revenues
SolarEdge’s revenues of $331.9 million in the second quarter surpassed the Zacks Consensus Estimate of $322 million by 3.2%. The top line also improved 2.1% from the year-ago quarter’s $325 million on solid commercial shipments.
Operational Highlights
SolarEdge shipped a total of 1.44 Gigawatts (AC) of inverters in the reported quarter.
Gross profit totaled $107.6 million, declining 7.2% from $115.9 million a year ago.
Total operating expenses improved 11.2% year over year to $61.1 million. The uptick can be attributed to higher research & development and general & administrative expenses.
Operating income during the quarter totaled $46.6 million, down23.7% from $61 million in the year-ago quarter.
Financial Performance
SolarEdge had $428.4 million of cash and cash equivalents as of Jun 30, 2020, up from $233.9 million at the end of 2019.
Cash flow from operating activities amounted to $59.3 million at the end of second-quarter 2020, up from $50.8 million a year ago.
Long-term liabilities were $276 million at the end of the second quarter compared with $246.2 million as of Dec 31, 2019.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge Technologies, Inc. price-consensus-eps-surprise-chart | SolarEdge Technologies, Inc. Quote
Q3 Guidance
For third-quarter 2020, SolarEdge expects revenues of $325-$350 million. The Zacks Consensus Estimate for the same is pegged at $331.1 million, lower than the midpoint of the company’s guidance range.
Additionally, revenues from solar products in the third quarter are projected to be $305-$325 million.
While the company’s non-GAAP gross margin is expected to be 32-34%, gross margin from the sale of solar products is anticipated to be 33-35%.
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.
Upcoming Solar Releases
Canadian Solar (CSIQ - Free Report) carries a Zacks Rank of 2, at present, and is scheduled to post second-quarter 2020 results on Aug 7.
First Solar (FSLR - Free Report) currently has a Zacks Rank #3 and is set to release second-quarter 2020 results on Aug 6.
Vivint Solar is presently a Zacks #3Ranked stock and scheduled to post second-quarter 2020 results on Aug 5.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>