The Israeli energy company Solarge
Solaredge
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(NYSE: SEDG) It missed analysts’ earnings expectations but beat revenue expectations for the fourth quarter of 2021 when it reported earnings of $ 1.1 per share on revenue of $ 551.8 million. The market expected earnings of $ 1.31 per share on revenue of $ 549.35 million. The company’s own forecasts were for revenues of $ 530 to $ 560 million, with the mid-range below expectations of $ 553 million.
The company reported revenue of $ 551.8 million, up 5% from $ 526.4 million in the previous quarter and up 54% from $ 358.1 million in the same quarter last year.
Revenue from the solar sector was $ 502.7 million, up 5% from $ 476.8 million in the previous quarter and up 54% from $ 327.1 million in the same quarter last year.
Non-GAAP gross profit was 30.3%, down 34.0% from the previous quarter and down 32.5% while the gross profit from the solar sector was 32.8%, down 36.6% from the previous quarter and down 36.2% over the same quarter last year.
Non-GAAP operating income was $ 72.9 million, a decrease of 23% compared to $ 95.2 million in the previous quarter and an increase of 68% from $ 43.5 million, non-GAAP net income was $ 62.8 million, a decrease of 24% compared to 82.1 $ 1 million in the previous quarter and a 13% increase from $ 55.7 million in the corresponding quarter.
As of December 31, 2021, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $ 548.0 million, less debt, compared to $ 524.1 million at September 30, 2021.
“We are ending 2021 with record revenue for the quarter and year,” said Zvi Lando, CEO of SolarEdge. “Global demand for solar energy in all sectors is extremely high and generating unprecedented demand for our products. In particular, we are excited by the strong momentum of the commercial market and the growing pace of adoption of our innovative technology within this segment. Our focus is to ensure that customers have the products they need to carry out their projects and we make this possible by increasing production at a number of sites and navigating challenges in the supply chain and logistical challenges. ”
In the previous quarter, as in the three that preceded it, Solaredge shattered analysts’ forecasts in the bottom line, and yet the stock responded with declines due to disappointing expectations for the fourth quarter. The company’s revenue then totaled about $ 526.4 million, while analysts expected the company to report revenue of about $ 528 million. Non-GAAP adjusted earnings per share were $ 1.45 per share, while analysts expected adjusted earnings of $ 1.36 per share.
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