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SolarEdge Technologies, Inc. (SEDG - Free Report) reported first-quarter adjusted earnings of $1.20 per share. The bottom line improved by 22.4% from the prior-year quarter’s earnings of 98 cents per share.
The Zacks Consensus Estimate for the first quarter was pegged at 80 cents per share.
Barring one-time adjustments, the company posted GAAP earnings of 60 cents per share compared with 55 cents in the year-ago quarter.
Revenues
SolarEdge’s revenues of $655.1 million in the first quarter surpassed the Zacks Consensus Estimate of $635 million by 3.2%. The top line surged 62% from the year-ago quarter’s $405.5 million.
Revenues from the solar segment were $608 million, up 62% from $376.4 million in the prior-year quarter.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge shipped a total of 2.13 gigawatts of inverters in the reported quarter.
The adjusted gross margin contracted by 810 basis points from the prior-year gross margin of 36.5% to 28.4%.
Adjusted operating expenses went up 30% year over year to $98.9 million.
The adjusted operating income in the quarter totaled $87.2 million, up 21% from the year-ago quarter’s $71.9 million.
Financial Performance
SolarEdge had $1002.8 million of cash and cash equivalents as of Mar 31, 2022, up from $530.1 million as of Dec 31, 2021.
Cash outflow from the operating activities amounted to $163 million in the first quarter against the cash inflow from the operating activities of $24.1 million in the year-ago period.
Total long-term liabilities were $1,103.6 million as of Mar 31, 2022 compared with $1,056.8 million as of Dec 31, 2021.
Q2 Guidance
In the second quarter of 2022, SEDG expects revenues in the range of $710-$740 million. The Zacks Consensus Estimate for the same is pegged at $670 million.
Revenues from the solar segment in the second quarter are projected in the range of $660-$690 million.
While the company’s adjusted gross margin is estimated at 26-29%, the gross margin in the solar segment is anticipated at 28-31%.
Enphase Energy (ENPH - Free Report) reported first-quarter 2022 adjusted earnings of 79 cents per share, which improved by 41.1% from the 56 cents reported in the prior-year quarter. The Zacks Consensus Estimate for first-quarter earnings is pegged at 68 cents.
Enphase Energy’s first-quarter revenues of $441.3 million beat the Zacks Consensus Estimate of $434 million by 1.7%. ENPH’s top line soared 46.2% from the year-ago quarter’s $301.8 million.
First Solar, Inc. (FSLR - Free Report) reported a first-quarter 2022 loss of 41 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line deteriorated significantly from the prior-year quarter’s earnings of $1.96 per share.
First Solar’s first-quarter sales were $367 million, which lagged the Zacks Consensus Estimate of $567.4 million by 35.3%. FSLR’s top line also declined by 54.3% from the year-ago quarter’s $803.4 million.
Upcoming Solar Release
ReneSola(SOL - Free Report) : The Zacks Consensus Estimate for ReneSola’s first-quarter earnings is pegged at a loss of 6 cents per share.
The Zacks Consensus Estimate for its first-quarter sales, pegged at $3.9 million, suggests a decline of 82.7% from the prior-year figure. SOL has a four-quarter earnings surprise of 94.17%, on average.
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SolarEdge (SEDG) Q1 Earnings Beat Estimates, Revenues Rise
SolarEdge Technologies, Inc. (SEDG - Free Report) reported first-quarter adjusted earnings of $1.20 per share. The bottom line improved by 22.4% from the prior-year quarter’s earnings of 98 cents per share.
The Zacks Consensus Estimate for the first quarter was pegged at 80 cents per share.
Barring one-time adjustments, the company posted GAAP earnings of 60 cents per share compared with 55 cents in the year-ago quarter.
Revenues
SolarEdge’s revenues of $655.1 million in the first quarter surpassed the Zacks Consensus Estimate of $635 million by 3.2%. The top line surged 62% from the year-ago quarter’s $405.5 million.
Revenues from the solar segment were $608 million, up 62% from $376.4 million in the prior-year quarter.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge Technologies, Inc. price-consensus-eps-surprise-chart | SolarEdge Technologies, Inc. Quote
Operational Highlights
SolarEdge shipped a total of 2.13 gigawatts of inverters in the reported quarter.
The adjusted gross margin contracted by 810 basis points from the prior-year gross margin of 36.5% to 28.4%.
Adjusted operating expenses went up 30% year over year to $98.9 million.
The adjusted operating income in the quarter totaled $87.2 million, up 21% from the year-ago quarter’s $71.9 million.
Financial Performance
SolarEdge had $1002.8 million of cash and cash equivalents as of Mar 31, 2022, up from $530.1 million as of Dec 31, 2021.
Cash outflow from the operating activities amounted to $163 million in the first quarter against the cash inflow from the operating activities of $24.1 million in the year-ago period.
Total long-term liabilities were $1,103.6 million as of Mar 31, 2022 compared with $1,056.8 million as of Dec 31, 2021.
Q2 Guidance
In the second quarter of 2022, SEDG expects revenues in the range of $710-$740 million. The Zacks Consensus Estimate for the same is pegged at $670 million.
Revenues from the solar segment in the second quarter are projected in the range of $660-$690 million.
While the company’s adjusted gross margin is estimated at 26-29%, the gross margin in the solar segment is anticipated at 28-31%.
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) reported first-quarter 2022 adjusted earnings of 79 cents per share, which improved by 41.1% from the 56 cents reported in the prior-year quarter. The Zacks Consensus Estimate for first-quarter earnings is pegged at 68 cents.
Enphase Energy’s first-quarter revenues of $441.3 million beat the Zacks Consensus Estimate of $434 million by 1.7%. ENPH’s top line soared 46.2% from the year-ago quarter’s $301.8 million.
First Solar, Inc. (FSLR - Free Report) reported a first-quarter 2022 loss of 41 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line deteriorated significantly from the prior-year quarter’s earnings of $1.96 per share.
First Solar’s first-quarter sales were $367 million, which lagged the Zacks Consensus Estimate of $567.4 million by 35.3%. FSLR’s top line also declined by 54.3% from the year-ago quarter’s $803.4 million.
Upcoming Solar Release
ReneSola(SOL - Free Report) : The Zacks Consensus Estimate for ReneSola’s first-quarter earnings is pegged at a loss of 6 cents per share.
The Zacks Consensus Estimate for its first-quarter sales, pegged at $3.9 million, suggests a decline of 82.7% from the prior-year figure. SOL has a four-quarter earnings surprise of 94.17%, on average.