We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
SolarEdge (SEDG) Q2 Earnings Beat Estimates, Revenues Up Y/Y
Read MoreHide Full Article
Shares of SolarEdge Technologies, Inc. (SEDG - Free Report) appreciated 16.3% to reach $299.81 per share on Aug 3, reflecting investors' optimism following its second-quarter 2021 results.
The company reported second-quarter adjusted earnings of $1.28 per share, which surpassed the Zacks Consensus Estimate of $1.12. The bottom line, moreover, surged 32% from the prior-year quarter’s 97 cents.
Barring one-time adjustments, the company posted GAAP earnings of 82 cents per share compared with the 70 cents witnessed in the year-ago quarter.
Revenues
SolarEdge’s revenues of $480.1 million in the second quarter topped the Zacks Consensus Estimate of $457 million. The top line also jumped 44.7% from the year-ago quarter’s $331.9 million on solid commercial shipments.
Revenues from the solar segment were $431.5 million, up 39% from the $310.1 million seen in the same quarter, last year.
Operational Highlights
SolarEdge shipped a total of 1.64 Gigawatts (AC) of inverters in the reported quarter.
Gross profit totaled $156.2 million, soaring 51.6% from the prior year’s $103 million.
Total operating expenses flared up 37.8% year over year to $100.6 million. This uptick can be attributed to higher research & development, sales & marketing and general & administrative expenses.
Operating income during the quarter totaled $55.6 million, up 85.4% from the year-ago quarter’s $30 million.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge had $524.1 million of cash and cash equivalents as of Jun 30, 2021, down from $827.1 million at the end of 2020.
Cash flow from operating activities amounted to $62.8 million at the end of second-quarter 2021, down from the prior year’s $167.1 million.
Long-term liabilities were $986.9 million at the end of the second quarter compared with $915.3 million as of Dec 31, 2020.
Q3 Guidance
For third-quarter 2021, SolarEdge expects revenues of $520-$540 million. The Zacks Consensus Estimate for the same is pegged at $510.1 million, lower than the company’s guided range.
Additionally, revenues from solar products in the third quarter are projected to be $460-$480 million.
While the company’s non-GAAP gross margin is estimated to be 32-34%, gross margin from the sale of solar products is anticipated to be 35-37%.
Enphase Energy (ENPH - Free Report) delivered second-quarter adjusted earnings of 53 cents per share, which surpassed the Zacks Consensus Estimate of 42 cents.
First Solar Inc. (FSLR - Free Report) reported adjusted earnings of 77 cents per share, which outpaced the Zacks Consensus Estimate of 60 cents for the June-end quarter.
SunPower Corp. (SPWR - Free Report) posted adjusted earnings of 6 cents per share for the April-June quarter, which beat the Zacks Consensus Estimate of 3 cents.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
SolarEdge (SEDG) Q2 Earnings Beat Estimates, Revenues Up Y/Y
Shares of SolarEdge Technologies, Inc. (SEDG - Free Report) appreciated 16.3% to reach $299.81 per share on Aug 3, reflecting investors' optimism following its second-quarter 2021 results.
The company reported second-quarter adjusted earnings of $1.28 per share, which surpassed the Zacks Consensus Estimate of $1.12. The bottom line, moreover, surged 32% from the prior-year quarter’s 97 cents.
Barring one-time adjustments, the company posted GAAP earnings of 82 cents per share compared with the 70 cents witnessed in the year-ago quarter.
Revenues
SolarEdge’s revenues of $480.1 million in the second quarter topped the Zacks Consensus Estimate of $457 million. The top line also jumped 44.7% from the year-ago quarter’s $331.9 million on solid commercial shipments.
Revenues from the solar segment were $431.5 million, up 39% from the $310.1 million seen in the same quarter, last year.
Operational Highlights
SolarEdge shipped a total of 1.64 Gigawatts (AC) of inverters in the reported quarter.
Gross profit totaled $156.2 million, soaring 51.6% from the prior year’s $103 million.
Total operating expenses flared up 37.8% year over year to $100.6 million. This uptick can be attributed to higher research & development, sales & marketing and general & administrative expenses.
Operating income during the quarter totaled $55.6 million, up 85.4% from the year-ago quarter’s $30 million.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge Technologies, Inc. price-consensus-eps-surprise-chart | SolarEdge Technologies, Inc. Quote
Financial Performance
SolarEdge had $524.1 million of cash and cash equivalents as of Jun 30, 2021, down from $827.1 million at the end of 2020.
Cash flow from operating activities amounted to $62.8 million at the end of second-quarter 2021, down from the prior year’s $167.1 million.
Long-term liabilities were $986.9 million at the end of the second quarter compared with $915.3 million as of Dec 31, 2020.
Q3 Guidance
For third-quarter 2021, SolarEdge expects revenues of $520-$540 million. The Zacks Consensus Estimate for the same is pegged at $510.1 million, lower than the company’s guided range.
Additionally, revenues from solar products in the third quarter are projected to be $460-$480 million.
While the company’s non-GAAP gross margin is estimated to be 32-34%, gross margin from the sale of solar products is anticipated to be 35-37%.
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 (ENPH - Free Report) delivered second-quarter adjusted earnings of 53 cents per share, which surpassed the Zacks Consensus Estimate of 42 cents.
First Solar Inc. (FSLR - Free Report) reported adjusted earnings of 77 cents per share, which outpaced the Zacks Consensus Estimate of 60 cents for the June-end quarter.
SunPower Corp. (SPWR - Free Report) posted adjusted earnings of 6 cents per share for the April-June quarter, which beat the Zacks Consensus Estimate of 3 cents.