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SolarEdge (SEDG) Q1 Earnings Miss Estimates, Revenues Up Y/Y
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SolarEdge Technologies, Inc. (SEDG - Free Report) reported first-quarter 2020 adjusted earnings of $1.03 per share, which missed the Zacks Consensus Estimate of $1.20 by 14.2%. The bottom-line figure, however, surged 47.1% from 70 cents reported in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 81 cents per share compared with 39 cents in the year-ago quarter.
Revenues
SolarEdge’s revenues of $431.2 million in the first quarter surpassed the Zacks Consensus Estimate of $418 million by 3.2%. The top line also surged 59% from the year-ago quarter’s $271.9 million on solid shipments.
Operational Highlights
SolarEdge shipped a total of 1.85 Gigawatts (AC) of inverters in the reported quarter.
Gross profit totaled $140 million, surging 62.6% from $86.1 million a year ago.
Total operating expenses rose 24.3% year over year to $72.2 million. The uptick can be attributed to higher research and development, sales and marketing, and general and administrative expenses.
Operating income during the quarter totaled $67.8 million, soaring 141.7% from $28 million in the year-ago quarter.
SolarEdge Technologies Inc Price, Consensus and EPS Surprise
SolarEdge had $324.1 million of cash and cash equivalents as of Mar 31, 2020, up from $223.9 million at the end of 2019.
Cash flow from operating activities amounted to $107.7 million at the end of first-quarter 2020, up from $56.4 million a year ago.
Long-term liabilities were $257.7 million at the end of the first quarter compared with $246.2 million as of Dec 31, 2019.
Guidance
For second-quarter 2020, SolarEdge expects to generate revenues of $305-$335 million. The Zacks Consensus Estimate for the same is pegged at $372.3 million, higher than the company’s guided range.
Additionally, revenues from solar products during the second quarter are projected to be in the range of $285-$315 million.
While the company’s GAAP gross margins are expected to be 30-32%, gross margins from the sale of solar products are anticipated to be 32-34%.
Zacks Rank
SolarEdge currently carries a Zacks Rank #4 (Sell).
Recent Solar Releases
Enphase Energy (ENPH - Free Report) , a Zacks Rank #2 (Buy) company, reported first-quarter 2020 adjusted earnings of 38 cents per share, which surpassed the Zacks Consensus Estimate of 32 cents by 18.8%. The bottom line also surged a massive 375% from 8 cents reported in the prior-year quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
SunPower (SPWR - Free Report) , a Zacks Rank #3 (Hold) company, reported first-quarter 2020 adjusted loss of 10 cents per share, narrower than the Zacks Consensus Estimate of a loss of 21 cents and a loss of 41 cents reported in the year-ago quarter.
First Solar (FSLR - Free Report) , a Zacks Rank #3 company, reported first-quarter 2020 adjusted earnings of 85 cents per share, which surpassed the Zacks Consensus Estimate of 24 cents by 254.2%. The bottom line also grew from the year-ago quarter's loss of 64 cents per share.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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SolarEdge (SEDG) Q1 Earnings Miss Estimates, Revenues Up Y/Y
SolarEdge Technologies, Inc. (SEDG - Free Report) reported first-quarter 2020 adjusted earnings of $1.03 per share, which missed the Zacks Consensus Estimate of $1.20 by 14.2%. The bottom-line figure, however, surged 47.1% from 70 cents reported in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 81 cents per share compared with 39 cents in the year-ago quarter.
Revenues
SolarEdge’s revenues of $431.2 million in the first quarter surpassed the Zacks Consensus Estimate of $418 million by 3.2%. The top line also surged 59% from the year-ago quarter’s $271.9 million on solid shipments.
Operational Highlights
SolarEdge shipped a total of 1.85 Gigawatts (AC) of inverters in the reported quarter.
Gross profit totaled $140 million, surging 62.6% from $86.1 million a year ago.
Total operating expenses rose 24.3% year over year to $72.2 million. The uptick can be attributed to higher research and development, sales and marketing, and general and administrative expenses.
Operating income during the quarter totaled $67.8 million, soaring 141.7% from $28 million in the year-ago quarter.
SolarEdge Technologies Inc Price, Consensus and EPS Surprise
SolarEdge Technologies Inc price-consensus-eps-surprise-chart | SolarEdge Technologies Inc Quote
Financial Performance
SolarEdge had $324.1 million of cash and cash equivalents as of Mar 31, 2020, up from $223.9 million at the end of 2019.
Cash flow from operating activities amounted to $107.7 million at the end of first-quarter 2020, up from $56.4 million a year ago.
Long-term liabilities were $257.7 million at the end of the first quarter compared with $246.2 million as of Dec 31, 2019.
Guidance
For second-quarter 2020, SolarEdge expects to generate revenues of $305-$335 million. The Zacks Consensus Estimate for the same is pegged at $372.3 million, higher than the company’s guided range.
Additionally, revenues from solar products during the second quarter are projected to be in the range of $285-$315 million.
While the company’s GAAP gross margins are expected to be 30-32%, gross margins from the sale of solar products are anticipated to be 32-34%.
Zacks Rank
SolarEdge currently carries a Zacks Rank #4 (Sell).
Recent Solar Releases
Enphase Energy (ENPH - Free Report) , a Zacks Rank #2 (Buy) company, reported first-quarter 2020 adjusted earnings of 38 cents per share, which surpassed the Zacks Consensus Estimate of 32 cents by 18.8%. The bottom line also surged a massive 375% from 8 cents reported in the prior-year quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
SunPower (SPWR - Free Report) , a Zacks Rank #3 (Hold) company, reported first-quarter 2020 adjusted loss of 10 cents per share, narrower than the Zacks Consensus Estimate of a loss of 21 cents and a loss of 41 cents reported in the year-ago quarter.
First Solar (FSLR - Free Report) , a Zacks Rank #3 company, reported first-quarter 2020 adjusted earnings of 85 cents per share, which surpassed the Zacks Consensus Estimate of 24 cents by 254.2%. The bottom line also grew from the year-ago quarter's loss of 64 cents per share.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>