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SolarEdge (SEDG) Q4 Earnings Beat Estimates, Revenues Down Y/Y
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SolarEdge Technologies (SEDG - Free Report) reported fourth-quarter 2020 adjusted earnings of 98 cents per share, which surpassed the Zacks Consensus Estimate of 87 cents by 12.6%. Moreover, the bottom-line figure plunged 40.6% from $1.65 per share in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 33 cents per share compared with $1.03 in the year-ago quarter.
For 2020, SolarEdge’s adjusted earnings came in at $4.11 per share, which exceeded the Zacks Consensus Estimate of $3.99 by 3%. The reported figure, however, declined 7.4% from $4.44 a year ago.
Revenues
Solar Edge’s revenues of $358.1 million in the fourth quarter surpassed the Zacks Consensus Estimate of $354.6 million by 1%. However, the top line declined 14% from the year-ago quarter’s $418.2 million.
For 2020, the company’s revenues of $1,459.3 million missed the Zacks Consensus Estimate of $1,460 million by a whisker and rose 2.4% from the year-ago quarter’s figure.
Operational Highlights
While SolarEdge shipped a total of 1.36 Gigawatts (AC) of inverters in the reported quarter, it shipped 6.1 Gigawatts (AC) of inverters in 2020.
Gross profit totaled $110.3 million, declining 23% from $143.2 million a year ago.
Total operating expenses grew 3.4% year over year to $95.9 million due to higher research & development, sales & marketing and general & administrative expenses.
Operating income during the quarter was $14.4 million, down 71.4% from $50.5 million in the year-ago quarter.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge had $827.1 million of cash and cash equivalents as of Dec 31, 2020, up from $223.9 million at the end of 2019.
Cash flow from operating activities amounted to $222.7 million at 2020-end, down from $259 million a year ago.
Long-term liabilities were $915.2 million at the end of 2020 compared with $246.2 million as of Dec 31, 2019.
Guidance
For first-quarter 2021, SolarEdge expects to generate revenues of $385-$405 million. The Zacks Consensus Estimate for the same is pegged at $373.6 million, lower than the company’s guided range.
Additionally, revenues from solar products during the first quarter are projected between $360 million and $375 million.
While the company’s GAAP gross margins are expected to be 34-36%, gross margins from the sale of solar products are expected to be 36-38%.
Sunrun (RUN - Free Report) is set to release fourth-quarter 2020 results on Feb 25.
First Solar (FSLR - Free Report) is set to release fourth-quarter 2020 results on Feb 25.
A Recent Solar Release
Enphase Energy (ENPH - Free Report) reported fourth-quarter 2020 adjusted earnings of 51 cents per share, which surpassed the Zacks Consensus Estimate of 40 cents by 27.5%.
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SolarEdge (SEDG) Q4 Earnings Beat Estimates, Revenues Down Y/Y
SolarEdge Technologies (SEDG - Free Report) reported fourth-quarter 2020 adjusted earnings of 98 cents per share, which surpassed the Zacks Consensus Estimate of 87 cents by 12.6%. Moreover, the bottom-line figure plunged 40.6% from $1.65 per share in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 33 cents per share compared with $1.03 in the year-ago quarter.
For 2020, SolarEdge’s adjusted earnings came in at $4.11 per share, which exceeded the Zacks Consensus Estimate of $3.99 by 3%. The reported figure, however, declined 7.4% from $4.44 a year ago.
Revenues
Solar Edge’s revenues of $358.1 million in the fourth quarter surpassed the Zacks Consensus Estimate of $354.6 million by 1%. However, the top line declined 14% from the year-ago quarter’s $418.2 million.
For 2020, the company’s revenues of $1,459.3 million missed the Zacks Consensus Estimate of $1,460 million by a whisker and rose 2.4% from the year-ago quarter’s figure.
Operational Highlights
While SolarEdge shipped a total of 1.36 Gigawatts (AC) of inverters in the reported quarter, it shipped 6.1 Gigawatts (AC) of inverters in 2020.
Gross profit totaled $110.3 million, declining 23% from $143.2 million a year ago.
Total operating expenses grew 3.4% year over year to $95.9 million due to higher research & development, sales & marketing and general & administrative expenses.
Operating income during the quarter was $14.4 million, down 71.4% from $50.5 million in the year-ago quarter.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge Technologies, Inc. price-consensus-eps-surprise-chart | SolarEdge Technologies, Inc. Quote
Financial Performance
SolarEdge had $827.1 million of cash and cash equivalents as of Dec 31, 2020, up from $223.9 million at the end of 2019.
Cash flow from operating activities amounted to $222.7 million at 2020-end, down from $259 million a year ago.
Long-term liabilities were $915.2 million at the end of 2020 compared with $246.2 million as of Dec 31, 2019.
Guidance
For first-quarter 2021, SolarEdge expects to generate revenues of $385-$405 million. The Zacks Consensus Estimate for the same is pegged at $373.6 million, lower than the company’s guided range.
Additionally, revenues from solar products during the first quarter are projected between $360 million and $375 million.
While the company’s GAAP gross margins are expected to be 34-36%, gross margins from the sale of solar products are expected to be 36-38%.
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
Sunrun (RUN - Free Report) is set to release fourth-quarter 2020 results on Feb 25.
First Solar (FSLR - Free Report) is set to release fourth-quarter 2020 results on Feb 25.
A Recent Solar Release
Enphase Energy (ENPH - Free Report) reported fourth-quarter 2020 adjusted earnings of 51 cents per share, which surpassed the Zacks Consensus Estimate of 40 cents by 27.5%.
Legal Marijuana: An Investor’s Dream
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
Download Marijuana Moneymakers FREE >>