Oppenheimer Downgrades SolarEdge Technologies (SEDG) to Perform, 'Channel Correction Worsens'

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Go back to Oppenheimer Downgrades SolarEdge Technologies (SEDG) to Perform, 'Channel Correction Worsens'

SolarEdge Announces Preliminary Financial Results; Will Announce Financial Results for the Third Quarter 2023 on Wednesday, November 1, 2023

October 19, 2023 4:10 PM EDT

MILPITAS, Calif.--(BUSINESS WIRE)-- SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today provided selected preliminary unaudited financial results for the third quarter ended September 30, 2023.

During the second part of the third quarter of 2023, we experienced substantial unexpected cancellations and pushouts of existing backlog from our European distributors, said Zvi Lando, Chief Executive Officer of SolarEdge. We attribute these cancellations and pushouts to higher than expected inventory in the channels and slower than expected installation rates. In particular, installation rates for the third quarter were... More