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SolarEdge (SEDG) Q2 Earnings Beat Estimates, Revenues Up Y/Y
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SolarEdge Technologies, Inc. (SEDG - Free Report) reported second-quarter 2019 adjusted earnings of 94 cents per share, which surpassed the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line, moreover, rose 14.6% from 82 cents in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 66 cents per share compared with 72 cents in the year-ago quarter.
The year-over-year downside in the GAAP earnings can be attributed to higher operating expenses in the second quarter.
Revenues
SolarEdge’s revenues of $325 million in the second quarter surpassed the Zacks Consensus Estimate of $315 million by 3.2%. The top line also surged 43.1% from the year-ago quarter’s $227.1 million on solid shipments.
Operational Highlights
SolarEdge shipped a total of 1.3 Gigawatts (AC) of inverters in the reported quarter.
Gross profit totaled $110.7 million, surged 35% from $81.9 million a year ago.
Total operating expenses soared 58.2% year over year to $65.3 million. The uptick can be attributed to higher research & development, sales & marketing and general & administrative expenses.
Operating income during the quarter totaled $45.4 million, up 11.5% from $40.7 million in the year-ago quarter.
Financial Performance
SolarEdge had $176.6 million of cash and cash equivalents as of Jun 30, 2019, up from $187.8 million at the end of 2018.
Cash flow from operating activities amounted to $107.2 million at the end of second-quarter 2019, down from $107.9 million a year ago.
Long-term liabilities were $247.9 million at the end of the second quarter compared with $168 million as of Dec 31, 2018.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
For third-quarter 2019, SolarEdge expects revenues of $395-$410 million. The Zacks Consensus Estimate for the same is pegged at $314.7 million, much lower than the company’s guided range.
Additionally, revenues from solar products in the third quarter are projected to be $375-$390 million.
While the company’s GAAP gross margin is expected to be 32-34%, gross margin from the sale of solar products is anticipated to be 33-35%.
SunPower Corp. (SPWR - Free Report) incurred adjusted loss of 22 cents per share in the second quarter, wider than the Zacks Consensus Estimate of a loss of 9 cents. The company had incurred a loss of a penny per share in the year-ago quarter.
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2019 adjusted earnings of 18 cents per share, which surpassed the Zacks Consensus Estimate of 13 cents by 38.5%. The bottom line, moreover, improved from a penny registered in the prior-year quarter.
First Solar Inc. (FSLR - Free Report) incurred a loss of 18 cents per share in second-quarter 2019, while the Zacks Consensus Estimate for earnings was pegged at 2 cents. The reported figure, however, improved from the prior-year quarter’s loss of 46 cents per share.
This Could Be the Fastest Way to Grow Wealth in 2019
Research indicates one sector is poised to deliver a crop of the best-performing stocks you'll find anywhere in the market. Breaking news in this space frequently creates quick double- and triple-digit profit opportunities.
These companies are changing the world – and owning their stocks could transform your portfolio in 2019 and beyond. Recent trades from this sector have generated +98%, +119% and +164% gains in as little as 1 month.
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SolarEdge (SEDG) Q2 Earnings Beat Estimates, Revenues Up Y/Y
SolarEdge Technologies, Inc. (SEDG - Free Report) reported second-quarter 2019 adjusted earnings of 94 cents per share, which surpassed the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line, moreover, rose 14.6% from 82 cents in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 66 cents per share compared with 72 cents in the year-ago quarter.
The year-over-year downside in the GAAP earnings can be attributed to higher operating expenses in the second quarter.
Revenues
SolarEdge’s revenues of $325 million in the second quarter surpassed the Zacks Consensus Estimate of $315 million by 3.2%. The top line also surged 43.1% from the year-ago quarter’s $227.1 million on solid shipments.
Operational Highlights
SolarEdge shipped a total of 1.3 Gigawatts (AC) of inverters in the reported quarter.
Gross profit totaled $110.7 million, surged 35% from $81.9 million a year ago.
Total operating expenses soared 58.2% year over year to $65.3 million. The uptick can be attributed to higher research & development, sales & marketing and general & administrative expenses.
Operating income during the quarter totaled $45.4 million, up 11.5% from $40.7 million in the year-ago quarter.
Financial Performance
SolarEdge had $176.6 million of cash and cash equivalents as of Jun 30, 2019, up from $187.8 million at the end of 2018.
Cash flow from operating activities amounted to $107.2 million at the end of second-quarter 2019, down from $107.9 million a year ago.
Long-term liabilities were $247.9 million at the end of the second quarter compared with $168 million as of Dec 31, 2018.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge Technologies, Inc. price-consensus-eps-surprise-chart | SolarEdge Technologies, Inc. Quote
Guidance
For third-quarter 2019, SolarEdge expects revenues of $395-$410 million. The Zacks Consensus Estimate for the same is pegged at $314.7 million, much lower than the company’s guided range.
Additionally, revenues from solar products in the third quarter are projected to be $375-$390 million.
While the company’s GAAP gross margin is expected to be 32-34%, gross margin from the sale of solar products is anticipated to be 33-35%.
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
SunPower Corp. (SPWR - Free Report) incurred adjusted loss of 22 cents per share in the second quarter, wider than the Zacks Consensus Estimate of a loss of 9 cents. The company had incurred a loss of a penny per share in the year-ago quarter.
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2019 adjusted earnings of 18 cents per share, which surpassed the Zacks Consensus Estimate of 13 cents by 38.5%. The bottom line, moreover, improved from a penny registered in the prior-year quarter.
First Solar Inc. (FSLR - Free Report) incurred a loss of 18 cents per share in second-quarter 2019, while the Zacks Consensus Estimate for earnings was pegged at 2 cents. The reported figure, however, improved from the prior-year quarter’s loss of 46 cents per share.
This Could Be the Fastest Way to Grow Wealth in 2019
Research indicates one sector is poised to deliver a crop of the best-performing stocks you'll find anywhere in the market. Breaking news in this space frequently creates quick double- and triple-digit profit opportunities.
These companies are changing the world – and owning their stocks could transform your portfolio in 2019 and beyond. Recent trades from this sector have generated +98%, +119% and +164% gains in as little as 1 month.
Click here to see these breakthrough stocks now >>