Israeli smart energy technology company SolarEdge published its first quarter 2019 earnings earlier this month and again showed record growth for the quarter thanks to strong demand in Europe.
SolarEdge has been growing from strength to strength over the last few years, repeatedly reporting record quarters with ever-increasing revenues. For the first quarter of 2019, SolarEdge again reported record revenues of $271.9 million, including record revenues from solar products of $253.1 million.
The company shipped a total of 1.1 gigawatts (GW) of solar inverters and walked away with net (non-GAAP) earnings per share of $0.64 and net income of $32.9 million for the quarter, up 5% from the previous quarter but down 23% from the $42.5 million taken during the first quarter of 2018.
SolarEdge, which has been diversifying its brand in the last few quarters to include new products such as EV charging and energy storage options, was bolstered by strong demand in Europe.
“We opened 2019 with a strong quarter and record revenues driven by substantial growth, particularly in Europe, which demonstrates our leading position in the global solar inverter market,” said Guy Sella, Founder, Chairman and CEO of SolarEdge. “This quarter we concluded the acquisition of SMRE which provides us with an entry into the e-mobility market and we continued the integration of Kokam and the building of our UPS business. We are very happy to be able to continue to grow our solar business while leveraging profits for further investment in our new areas of technology development, which include UPS products, lithium-ion batteries and integrated powertrain electronics for electric vehicles.”
“Continued expansion in international solar-product sales, particularly in Europe and Australia, is enabling faster top-line growth at SolarEdge than previously anticipated by the market,” explained James Evans of Bloomberg Intelligence, who provided his analysis upon request.
“A strengthening of solar energy gross margin is underway, from a 4Q low, which should enable further profitability gains in 2Q. The potential for higher U.S. tariffs on Chinese imports could impede profitability gains, yet SolarEdge is ramping up new supply from Vietnamese plants that could help offset this toward year-end. Non-solar growth is anticipated to be relatively flat in coming quarters, with potential for growth in 2020.
“SolarEdge’s 2Q sales emerged above prior consensus, with a 2Q guidance range of $310-$320 million significantly above the $279 million previously assumed by the market.” – Evans
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