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SolarEdge Technologies, Inc. (SEDG - Free Report) reported adjusted earnings of $2.62 per share, which surpassed the Zacks Consensus Estimate of $2.55 by a solid 2.8%. The bottom line also improved 175.8% from the prior-year quarter’s 95 cents per share.
Barring one-time adjustments, the company recorded GAAP earnings of $2.03 per share compared with 26 cents in the year-ago period.
Revenues
The company’s quarterly revenues of $991.3 million outpaced the Zacks Consensus Estimate of $989 million by 0.2%. The top line also surged 36% from the year-ago quarter’s $727.8 million.
Revenues from the solar segment totaled $947.4 million, up 38% from $687.6 million registered in the prior-year period.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge shipped a total of 4.3 gigawatts of inverters and 269 megawatt-hours of batteries in the reported quarter.
The adjusted gross margin expanded 600 basis points to 32.7% from the prior-year figure of 26.7%.
Adjusted operating expenses went up 22% year over year to $109.6 million.
The adjusted operating income totaled $191 million, up 126% from the year-ago quarter’s $84.7 million.
Financial Performance
SolarEdge had $557.7 million of cash and cash equivalents as of Jun 30, 2023, compared with $783.1 million as of Dec 31, 2022.
The cash outflow from operating activities amounted to $80.8 million compared with the cash outflow of $85.6 million in the year-ago period.
Total long-term liabilities came in at $1,278.6 million as of Jun 30, 2023, compared with $1,199.9 million as of Dec 31, 2022.
Q3 Guidance
SEDG expects revenues in the range of $880-$920 million for the third quarter of 2023. The Zacks Consensus Estimate for the same is pegged at $1.05 billion, higher than the midpoint of the guided range.
Revenues from the solar segment are projected in the range of $850-$890 million for the same time frame.
While the company’s adjusted gross margin is estimated in the range of 28-31%, the same for the solar segment is anticipated in the band of 30-33%.
SEDG expects the adjusted operating profit in the $115-$135 million range.
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2023 adjusted earnings of $1.47 per share, which highlights a 37.4% improvement from $1.07 per share reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.27 by 15.8%.
Enphase Energy’s second-quarter revenues of $711.1 million missed the Zacks Consensus Estimate of $727 million by 2.2%. However, the top line soared 34.1% from the prior-year quarter’s reported figure of $530.2 million.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2023 earnings of $1.59 per share, which improved 205.8% from the prior-year quarter’s earnings of 52 cents per share. The Zacks Consensus Estimate for second-quarter earnings was pegged at 95 cents.
First Solar’s second-quarter net sales were $810.7 million, which beat the Zacks Consensus Estimate of $720 million by 12.6%. The top line improved by 30.6% from the year-ago quarter’s $620.9 million.
SunPower Corporation (SPWR - Free Report) reported a second-quarter 2023 adjusted loss of 13 cents per share compared to earnings of a cent per share in the prior-year period. The loss came in wider than the Zacks Consensus Estimate of a loss of 3 cents per share.
During the quarter under review, SunPower’s adjusted revenues came in at $461.3 million, while its GAAP revenues were $463.9 million. The Zacks Consensus Estimate was pegged at $478 million. The adjusted top line improved by 8.5% from the year-ago quarter’s $425 million.
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SolarEdge (SEDG) Q2 Earnings Beat Estimates, Revenues Rise Y/Y
SolarEdge Technologies, Inc. (SEDG - Free Report) reported adjusted earnings of $2.62 per share, which surpassed the Zacks Consensus Estimate of $2.55 by a solid 2.8%. The bottom line also improved 175.8% from the prior-year quarter’s 95 cents per share.
Barring one-time adjustments, the company recorded GAAP earnings of $2.03 per share compared with 26 cents in the year-ago period.
Revenues
The company’s quarterly revenues of $991.3 million outpaced the Zacks Consensus Estimate of $989 million by 0.2%. The top line also surged 36% from the year-ago quarter’s $727.8 million.
Revenues from the solar segment totaled $947.4 million, up 38% from $687.6 million registered in the prior-year period.
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 4.3 gigawatts of inverters and 269 megawatt-hours of batteries in the reported quarter.
The adjusted gross margin expanded 600 basis points to 32.7% from the prior-year figure of 26.7%.
Adjusted operating expenses went up 22% year over year to $109.6 million.
The adjusted operating income totaled $191 million, up 126% from the year-ago quarter’s $84.7 million.
Financial Performance
SolarEdge had $557.7 million of cash and cash equivalents as of Jun 30, 2023, compared with $783.1 million as of Dec 31, 2022.
The cash outflow from operating activities amounted to $80.8 million compared with the cash outflow of $85.6 million in the year-ago period.
Total long-term liabilities came in at $1,278.6 million as of Jun 30, 2023, compared with $1,199.9 million as of Dec 31, 2022.
Q3 Guidance
SEDG expects revenues in the range of $880-$920 million for the third quarter of 2023. The Zacks Consensus Estimate for the same is pegged at $1.05 billion, higher than the midpoint of the guided range.
Revenues from the solar segment are projected in the range of $850-$890 million for the same time frame.
While the company’s adjusted gross margin is estimated in the range of 28-31%, the same for the solar segment is anticipated in the band of 30-33%.
SEDG expects the adjusted operating profit in the $115-$135 million range.
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, Inc. (ENPH - Free Report) reported second-quarter 2023 adjusted earnings of $1.47 per share, which highlights a 37.4% improvement from $1.07 per share reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.27 by 15.8%.
Enphase Energy’s second-quarter revenues of $711.1 million missed the Zacks Consensus Estimate of $727 million by 2.2%. However, the top line soared 34.1% from the prior-year quarter’s reported figure of $530.2 million.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2023 earnings of $1.59 per share, which improved 205.8% from the prior-year quarter’s earnings of 52 cents per share. The Zacks Consensus Estimate for second-quarter earnings was pegged at 95 cents.
First Solar’s second-quarter net sales were $810.7 million, which beat the Zacks Consensus Estimate of $720 million by 12.6%. The top line improved by 30.6% from the year-ago quarter’s $620.9 million.
SunPower Corporation (SPWR - Free Report) reported a second-quarter 2023 adjusted loss of 13 cents per share compared to earnings of a cent per share in the prior-year period. The loss came in wider than the Zacks Consensus Estimate of a loss of 3 cents per share.
During the quarter under review, SunPower’s adjusted revenues came in at $461.3 million, while its GAAP revenues were $463.9 million. The Zacks Consensus Estimate was pegged at $478 million. The adjusted top line improved by 8.5% from the year-ago quarter’s $425 million.