SolarEdge Does It Again in Q1

When SolarEdge Technologies Inc. (NASDAQ: SEDG) reported its most recent quarterly results late on Wednesday, the company posted record revenues again, continuing its absolutely explosive growth.

Excluding Thursday’s move, SolarEdge had outperformed the broad markets, with its stock up 251% in the past 52 weeks. In just 2018 alone, the stock was up 48%.

In terms of the results, the company said that it had $0.87 in earnings per share (EPS) on $209.9 million in revenue. Consensus estimates from Thomson Reuters had called for $0.80 in EPS on $204.81 million in revenue. The first quarter from last year had $0.36 in EPS on $115.05 million in revenue.

During the quarter, SolarEdge said that it shipped 800 megawatts (AC) of inverters, which is up from 766 shipped in the fourth quarter. This also puts the company on track to beat its 2.5 gigawatts (AC) of inverters that it shipped in 2017.

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Looking ahead to the second quarter, the company expects to see revenues in the range of $220 million to $230 million, with a gross margin in the range of 36% to 38%. The consensus estimates call for $0.79 in EPS on $207.97 million in revenue for the quarter.

Cash flow from operating activities was $64.0 million, up from $45.8 million in the prior quarter and up from $25.7 million year over year. On the books, its cash and cash equivalents totaled $229.22 million at the end of the quarter, up from $163.16 million at the end of the previous fiscal year.

Guy Sella, founder, board chair and chief executive of SolarEdge, commented:

We are pleased to announce strong first quarter results with record revenues and record profitability, despite the traditional seasonal slowdown and continued industry wide components shortages. Our continued technological innovation and operational excellence, coupled with our introduction of new products and financial strength positions us for further growth and industry leadership.

Shares of SolarEdge were last seen up about 15% at $64.05 on Thursday, with a consensus analyst price target of $54.40 and a 52-week range of $17.25 to $64.65.

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