SolarEdge Technologies, Inc. SEDG reported third-quarter 2019 adjusted earnings of $1.21 per share, which surpassed the Zacks Consensus Estimate of 99 cents by 22.2%. The bottom line, moreover, rose 28.7% from 94 cents in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 81 cents per share compared with 66 cents in the year-ago quarter.
SolarEdge’s revenues of $410.6 million in the third quarter surpassed the Zacks Consensus Estimate of $400 million by 2.7%. The top line also surged 73.5% from the year-ago quarter’s $236.6 million on solid shipments.
SolarEdge shipped a total of 1.5 Gigawatts (AC) of inverters in the reported quarter.
Gross profit totaled $139.3 million, surging 78.6% from $78 million a year ago.
Total operating expenses soared 66.8% year over year to $73.3 million. The uptick can be attributed to higher research & development, sales & marketing, general & administrative and non-recurring expenses.
Operating income during the quarter totaled $66 million, surging 94% from $34 million in the year-ago quarter.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge Technologies, Inc. price-consensus-eps-surprise-chart | SolarEdge Technologies, Inc. Quote
SolarEdge had $247.3 million of cash and cash equivalents as of Sep 30, 2019, up from $187.8 million at the end of 2018.
Cash flow from operating activities amounted to $175.9 million at the end of third-quarter 2019, down from $142.2 million a year ago.
Long-term liabilities were $265 million at the end of the third quarter compared with $168 million as of Dec 31, 2018.
For fourth-quarter 2019, SolarEdge expects revenues of $410-$420 million. The Zacks Consensus Estimate for the same is pegged at $399.7 million, lower than the company’s guided range.
Additionally, revenues from solar products in the third quarter are projected to be $388-$398 million.
While the company’s GAAP gross margin is expected to be 32-34%, gross margin from the sale of solar products is anticipated to be 33-35%.
SolarEdge currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Solar Releases
SunPower Corp. SPWR reported adjusted earnings of 22 cents per share in third-quarter 2019 against the Zacks Consensus Estimate of a loss of a penny. The company had incurred a loss of 29 cents per share in the year-ago quarter.
Enphase Energy, Inc. ENPH reported third-quarter 2019 adjusted earnings of 30 cents per share, which surpassed the Zacks Consensus Estimate of 25 cents by 20%. The bottom line also improved a massive 650% from 4 cents reported in the prior-year quarter.
First Solar Inc. FSLR reported third-quarter 2019 adjusted earnings of 29 cents per share, missing the Zacks Consensus Estimate of $1.06 by 72.6%. The reported number, however, grew from the prior-year quarter’s loss per share of 18 cents.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Enphase Energy, Inc. (ENPH) : Free Stock Analysis Report
SolarEdge Technologies, Inc. (SEDG) : Free Stock Analysis Report
SunPower Corporation (SPWR) : Free Stock Analysis Report
First Solar, Inc. (FSLR) : Free Stock Analysis Report
To read this article on Zacks.com click here.