SolarEdge Technologies (SEDG) Tops Q3 EPS by 12c, Lifts Outlook; Shares Ramp

SolarEdge Technologies (NASDAQ: SEDG) is ramping after-hour (+11.4%) after the company reported Q3 EPS of $0.20, $0.12 better than the analyst estimate of $0.08. Revenue for the quarter came in at $86.4 million versus the consensus estimate of $72.77 million.

SolarEdge Technologies sees Q2 2015 revenue of $92-96 million, versus the consensus of $82.45 million.

“I am happy to report record revenues of $86 million this quarter. This is in line with our expectations of moderate growth despite seasonality, coupled with the addition of a new sizeable customer. We expect revenue growth to continue through 2015 as originally projected,” said Guy Sella, Founder, Chairman and CEO of SolarEdge. “Our increased manufacturing capacity allowed us to reduce air shipments and combined with our planned cost reduction activities, increased our gross margin. The result of these two factors drove non-GAAP net profit to $8.7 million for the quarter, our third consecutive profitable quarter. We continued to see strong growth in the United States and Europe both in the residential and commercial markets. In the past quarter, we continued development of energy storage solutions which we expect to bring to market toward the end of 2015.”

For earnings history and earnings-related data on SolarEdge Technologies (SEDG) click here.

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