SolarEdge Technologies (NASDAQ: SEDG) reported Q4 EPS of $0.98, $0.12 better than the analyst estimate of $0.86. Revenue for the quarter came in at $358.1 million versus the consensus estimate of $356.25 million.

GUIDANCE:

SolarEdge Technologies sees Q1 2021 revenue of $385-405 million, versus the consensus of $377.91 million.

Fourth Quarter 2020 Highlights

• Revenues of $358.1 million
• Revenues from solar products of $327.1 million
• GAAP gross margin of 30.8%
• Non-GAAP gross margin of 32.5%
• GAAP gross margin from sale of solar products of 35.3%
• Non-GAAP gross margin from sale of solar products of 36.2%
• GAAP net income of $17.7 million
• Non-GAAP net income of $55.7 million
• GAAP net diluted earnings per share (“EPS”) of $0.33
• Non-GAAP net diluted EPS of $0.98
• 1.36 Gigawatts (AC) of inverters shipped

“Our fourth quarter results are reflective of strength in the U.S. residential market and record revenues from outside of Europe and the U.S., led by Australia,” said Zvi Lando, CEO of SolarEdge. “The return to growth in installations in the U.S. residential market drove our sequential growth and return to the anticipated solar margins. Despite the global pandemic, we concluded the year with slight growth in revenues, healthy cash generation and are well positioned for 2021 and beyond, having invested significantly in development of new products to be released this year as well as development of our non-solar businesses, with readiness to supply full powertrain kits for the e-Mobility sector in Europe.”

The Company also provides guidance for the first quarter ending March 31, 2021 as follows:

• Revenues to be within the range of $385 million to $405 million
• Non GAAP gross margin expected to be within the range of 34% to 36%
• Revenues from solar products to be within the range of $360 million to $375 million
• Non GAAP gross margin from sale of solar products expected to be within the range of 36% to 38%

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