Israel-based solar manufacturer SolarEdge announced its third-quarter earnings last week and it was yet another record quarter, with revenue up to an impressive $166.6 million, making investors very happy.
Last quarter SolarEdge reported record revenues of $136.1 million and GAAP net income of $22.5 million (non-GAAP net income for the quarter was $25.8 million). In hindsight, this was the beginning of an impressive growth trend, as it increased 9% year-over-year and 18% quarter-over-quarter.
Things have only continued to grow for the Israeli company, posting another quarter of record revenues at $166.6 million for the third quarter. GAAP net income was $28 million (non-GAAP net income was $31.5 million) with a total of 676 MW (megawatts) of inverters shipped for the quarter. Non-GAAP earnings per share for the quarter were $0.66, up $0.10 on the previous quarter.
“We are happy to report another record quarter, in revenues, profitability and cash flow generation,” said Guy Sella, Founder, Chairman and CEO of SolarEdge.
“On the operational side, we shipped more than two million optimizers this quarter, and have now shipped more than 20 million optimizers since initiating sales in 2010. Sales this quarter from outside the United States were 51% of our revenues, resulting from our continued investment in global sales. We continue to generate increasing cash flow from operations which enhances our financial strength and allows us to continue to invest in new products and development of new markets.”
Looking forward, SolarEdge is expecting to post revenues in the range of $175 million to $185 million which, if accomplished, would represent a third straight record quarter for the company.
All of this has obviously impressed investors — unlike last month, when despite record revenue the company’s shares falling nearly 2% on the back of the company’s announcement. This month, however, SolarEdge shares are up 15% after several days of trading.
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