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SolarEdge Technologies, Inc. (SEDG - Free Report) reported fourth-quarter adjusted earnings of $2.86 per share, which surpassed the Zacks Consensus Estimate of $1.60 by 78.8%. The bottom line however declined 160% from the prior-year quarter’s $1.10 per share.
Barring one-time adjustments, the company posted GAAP earnings of 36 cents per share compared with 74 cents in the year-ago quarter.
For 2022, the company reported adjusted earnings of $5.95 per share, up from $4.81 in 2021. The full-year bottom line also surpassed the Zacks Consensus Estimate of $4.80.
Revenues
SolarEdge’s fourth-quarter revenues of $890.7 million surpassed the Zacks Consensus Estimate of $875 million by 1.8%. The top line surged 61.4% from the year-ago quarter’s $551.9 million.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
In 2022, the company recorded revenues worth $3.11 billion, up from $1.96 billion in 2021. The full-year revenues also surpassed the Zacks Consensus Estimate of $3.10 billion.
Revenues from the solar segment were $837 million in the fourth quarter, up 66% from $502.7 million in the prior-year quarter.
Operational Highlights
SolarEdge shipped a total of 3.1 gigawatts of inverters and 217.6 megawatt-hours of batteries in the reported quarter.
The adjusted gross margin contracted 100 basis points from the prior-year figure of 30.3% to 30.2%.
Adjusted operating expenses went up 26% year over year to $119 million.
The adjusted operating income in the quarter totaled $171.5 million, up 105% from the year-ago quarter’s $72.9 million.
Financial Performance
SolarEdge had $783.1 million of cash and cash equivalents as of Dec 31, 2022, up from $530.1 million as of Dec 31, 2021.
The cash flow from operating activities amounted to $31.3 million during 2022 compared with $214.1 million in the year-ago period.
Total long-term liabilities were $1,199.9 million as of Dec 31, 2022 compared with $1,065.7 million as of Dec 31, 2021.
Q1 Guidance
In the first quarter of 2023, SEDG expects revenues in the range of $915-$945 million. The Zacks Consensus Estimate for the same is pegged at $902.8 million, lower than the guided range.
Revenues from the solar segment in the first quarter are projected in the range of $875-$905 million.
While the company’s adjusted gross margin is estimated in the range of 28-31%, the gross margin in the solar segment is anticipated in the band of 31-34%.
The company expects adjusted operating profit in the range of $150-$170 million.
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.51 per share, which improved by a solid 106.8% from 73 cents in the prior-year quarter. The bottom line also surpassed the Zacks Consensus Estimate of $1.27 by 18.9%.
Enphase Energy’s fourth-quarter revenues of $724.7 million beat the Zacks Consensus Estimate of $704 million by 2.9%. The top line soared 75.6% from the year-ago quarter’s $412.7 million, driven by strong demand for its Enphase Energy Systems.
Upcoming Solar Releases
SunPower Corporation (SPWR - Free Report) is scheduled to release fourth-quarter 2022 results on Feb 15. SunPower has a four-quarter negative earnings surprise of 79.58%, on average.
The Zacks Consensus Estimate for SPWR’s fourth-quarter earnings, pegged at 14 cents per share, implies growth of 300% from the fiscal fourth-quarter 2021 figure. The Zacks Consensus Estimate for SunPower’s fourth-quarter sales is pegged at $494.3 million, implying growth of 28.6% from the prior-year quarter’s figure.
First Solar, Inc. (FSLR - Free Report) is slated to report fourth-quarter 2022 results soon. First Solar has a trailing four-quarter negative earnings surprise of 2.93%, on average.
The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $997.4 million, indicating an increase of 9.9% from the year-ago reported figure. The Zacks Consensus Estimate for First Solar’s fourth-quarter earnings is pegged at a loss of 18 cents per share, indicating a decline from the year-ago quarter’s tally.
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SolarEdge's (SEDG) Q4 Earnings Beat, Revenues Rise Y/Y
SolarEdge Technologies, Inc. (SEDG - Free Report) reported fourth-quarter adjusted earnings of $2.86 per share, which surpassed the Zacks Consensus Estimate of $1.60 by 78.8%. The bottom line however declined 160% from the prior-year quarter’s $1.10 per share.
Barring one-time adjustments, the company posted GAAP earnings of 36 cents per share compared with 74 cents in the year-ago quarter.
For 2022, the company reported adjusted earnings of $5.95 per share, up from $4.81 in 2021. The full-year bottom line also surpassed the Zacks Consensus Estimate of $4.80.
Revenues
SolarEdge’s fourth-quarter revenues of $890.7 million surpassed the Zacks Consensus Estimate of $875 million by 1.8%. The top line surged 61.4% from the year-ago quarter’s $551.9 million.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge Technologies, Inc. price-consensus-eps-surprise-chart | SolarEdge Technologies, Inc. Quote
In 2022, the company recorded revenues worth $3.11 billion, up from $1.96 billion in 2021. The full-year revenues also surpassed the Zacks Consensus Estimate of $3.10 billion.
Revenues from the solar segment were $837 million in the fourth quarter, up 66% from $502.7 million in the prior-year quarter.
Operational Highlights
SolarEdge shipped a total of 3.1 gigawatts of inverters and 217.6 megawatt-hours of batteries in the reported quarter.
The adjusted gross margin contracted 100 basis points from the prior-year figure of 30.3% to 30.2%.
Adjusted operating expenses went up 26% year over year to $119 million.
The adjusted operating income in the quarter totaled $171.5 million, up 105% from the year-ago quarter’s $72.9 million.
Financial Performance
SolarEdge had $783.1 million of cash and cash equivalents as of Dec 31, 2022, up from $530.1 million as of Dec 31, 2021.
The cash flow from operating activities amounted to $31.3 million during 2022 compared with $214.1 million in the year-ago period.
Total long-term liabilities were $1,199.9 million as of Dec 31, 2022 compared with $1,065.7 million as of Dec 31, 2021.
Q1 Guidance
In the first quarter of 2023, SEDG expects revenues in the range of $915-$945 million. The Zacks Consensus Estimate for the same is pegged at $902.8 million, lower than the guided range.
Revenues from the solar segment in the first quarter are projected in the range of $875-$905 million.
While the company’s adjusted gross margin is estimated in the range of 28-31%, the gross margin in the solar segment is anticipated in the band of 31-34%.
The company expects adjusted operating profit in the range of $150-$170 million.
Zacks Rank
SolarEdge currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Recent Solar Release
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.51 per share, which improved by a solid 106.8% from 73 cents in the prior-year quarter. The bottom line also surpassed the Zacks Consensus Estimate of $1.27 by 18.9%.
Enphase Energy’s fourth-quarter revenues of $724.7 million beat the Zacks Consensus Estimate of $704 million by 2.9%. The top line soared 75.6% from the year-ago quarter’s $412.7 million, driven by strong demand for its Enphase Energy Systems.
Upcoming Solar Releases
SunPower Corporation (SPWR - Free Report) is scheduled to release fourth-quarter 2022 results on Feb 15. SunPower has a four-quarter negative earnings surprise of 79.58%, on average.
The Zacks Consensus Estimate for SPWR’s fourth-quarter earnings, pegged at 14 cents per share, implies growth of 300% from the fiscal fourth-quarter 2021 figure. The Zacks Consensus Estimate for SunPower’s fourth-quarter sales is pegged at $494.3 million, implying growth of 28.6% from the prior-year quarter’s figure.
First Solar, Inc. (FSLR - Free Report) is slated to report fourth-quarter 2022 results soon. First Solar has a trailing four-quarter negative earnings surprise of 2.93%, on average.
The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $997.4 million, indicating an increase of 9.9% from the year-ago reported figure. The Zacks Consensus Estimate for First Solar’s fourth-quarter earnings is pegged at a loss of 18 cents per share, indicating a decline from the year-ago quarter’s tally.