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solaredge
-3.52%
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opening:222.77
High:223.68
low:206.6
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The Israeli company that develops and manufactures systems for extracting the power of photovoltaic solar energy facilities, and in systems for monitoring and controlling performance, published its financial reports for the third quarter of the year according to which the income was about 836.7, compared to the analysts’ expectations for revenues of 822.37 million dollars. This is an increase of about 58.9% compared to the corresponding quarter in which the income was about 526.4 million dollars.
Revenues from the solar sector were a record $788.6 million, a 15% increase from $687.6 million in the previous quarter and a 65% increase from $476.8 million in the corresponding quarter last year. The Non-GAAP gross profit rate reached 27.3%, the Non-GAAP operating profit amounted to 120.2 million dollars.
Solaredge records an adjusted profit (on a NON-GAAP basis) of about 91 cents per share ($54.1 million) compared to analysts’ expectations for an adjusted profit of $1.44 per share. Cash flow from current operations was $5.6 million, down from $77.4 million in the previous quarter and down from $61.8 million in the same quarter last year. The cash value of the company amounted to 937.6 million dollars.
The company expects that in the fourth quarter the revenues will be in the range of 855 to 885 million dollars. The Non-GAAP gross profit is expected to be in the range of 27% to 30% and the Non-GAAP operating profit will be in the range of 115-135 million dollars.
Since the beginning of the year, SolarAdge’s share has fallen by about 25% to a price of $211.3, which represents a market value of about $11.76 billion.
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Zvi Lando, CEO of Solarage: “We are pleased with our third quarter results, which set new revenue and operating profit records. The results reflect particularly strong momentum in Europe where our revenue grew by 90% compared to the same quarter last year. This quarter we increased production and were able to ship more units while increasing our operational efficiency and getting back on track Growth for our gross margins. We believe that continued growth in production capacity on our existing production lines combined with our plans to establish a US manufacturing footprint will allow us to take advantage of the strong demand we are experiencing globally.”
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