Israeli solar energy optimization and monitoring company SolarEdge Technologies Inc. (Nasdaq: SEDG) has reported strong results for the third quarter of 2019. The company reported record revenue of $410.6 million, up 26% from $325 million in the preceding quarter and up 74% from $236.6 million in the corresponding quarter of 2018.
GAAP net profit was $41.6 million ($0.81 per share), down 9% from $45.6 million ($0.95) in the corresponding quarter of 2018. Non-GAAP net profit was $63.6 million ($1.21 per share) up 49% from $42.7 million ($0.86 per share) in the same quarter last year.
The company expects revenue to be within the range of $410 million to $420 million in the fourth quarter.
SolarEdge acting CEO and VP global sales Zvi Lando said, "Our performance this quarter was at the upper range of our guidance, with record revenues, record non-GAAP profitability and record cash generation. While we are pleased with the financial and operational results, this was a somber quarter for the Company due to the untimely passing of Mr. Guy Sella, Founder, Chairman and CEO of SolarEdge. Guy was not only our CEO and Chairman but a technological visionary, a role model and dear friend and will be greatly missed."
He added, "SolarEdge management, most of whom have been leading the company together with Guy for many years, are dedicated to continue to strive for excellence in innovation and execution. We believe we are well positioned for continued growth both in our core business as leaders of PV inverter technology and in our new businesses of lithium-ion cells and batteries, e-mobility powertrain solutions and uninterruptible power supply systems."
Despite the strong results, the company's share price fell 4.04% on Nasdaq yesterday to $79.91, giving a market cap of $4.091 billion. The share price is 18% below its peak, reached last month.
Published by Globes, Israel business news - en.globes.co.il - on November 7, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019
Published by Globes, Israel business news - en.globes.co.il - on November 7, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019