We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
SolarEdge Technologies, Inc.’s (SEDG - Free Report) shares gained a solid 6.6% on May 4, reflecting investors’ optimism following first-quarter 2023 results.
The company reported adjusted earnings of $2.90 per share, which surpassed the Zacks Consensus Estimate of $1.98 by a solid 46.5%. The bottom line also improved 141.7% from the prior-year quarter’s $1.20 per share.
Barring one-time adjustments, the company recorded GAAP earnings of $2.35 per share compared with 60 cents in the year-ago period.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
The company’s quarterly revenues of $943.9 million outpaced the Zacks Consensus Estimate of $930 million by 1.6%. The top line also surged 44.1% from the year-ago quarter’s $655.1 million.
Revenues from the solar segment totaled $908.5 million, up 49% from $608 million registered in the prior-year period.
Operational Highlights
SolarEdge shipped a total of 3.6 gigawatts of inverters and 221 megawatt-hours of batteries in the reported quarter.
The adjusted gross margin expanded 420 basis points to 32.6% from the prior-year figure of 28.4%.
Adjusted operating expenses went up 25% year over year to $123.6 million.
Adjusted operating income totaled $144.2 million, up 183.3% from the year-ago quarter’s $50.9 million.
Financial Performance
SolarEdge had $727.8 million of cash and cash equivalents as of Mar 31, 2023, compared with $783.1 million as of Dec 31, 2022.
Cash flow from operating activities amounted to $7.9 million against cash outflow of $163 million in the year-ago period.
Total long-term liabilities came in at $1,245.6 million as of Mar 31, 2023, compared with $1,199.9 million as of Dec 31, 2022.
Q2 Guidance
SEDG expects revenues in the range of $970-$1,010 million for the second quarter of 2023. The Zacks Consensus Estimate for the same is pegged at $989.2 million, lower than the midpoint of the guided range.
Revenues from the solar segment are projected in the range of $930-$980 million for the same time frame.
While the company’s adjusted gross margin is estimated in the range of 32-35%, the same for the solar segment is anticipated in the band of 34-37%. SEDG expects adjusted operating profit in the $195-$215 million range.
First Solar, Inc. (FSLR - Free Report) reported first-quarter 2023 earnings of 40 cents per share, which missed the Zacks Consensus Estimate of 99 cents by 59.6%. However, the bottom line improved significantly from the prior-year quarter’s reported loss of 41 cents per share.
Net sales totaled $548 million, which missed the Zacks Consensus Estimate of $724 million by 23.7%. However, the top line improved 49.4% from the year-ago quarter’s $367 million.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2023 adjusted earnings of $1.37 per share, highlighting a solid 73.4% improvement from 79 cents reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.21 by 13.2%.
Revenues of $726 million beat the Zacks Consensus Estimate of $723 million by 0.4%. The top line soared 64.5% from the prior-year quarter’s reported figure of $441.3 million.
JinkoSolar Holding Co. Ltd. (JKS - Free Report) reported first-quarter 2023 earnings per American Depositary Share (“ADS”) of $2.18, which beat the Zacks Consensus Estimate of 37 cents. The company reported earnings per ADS of 10 cents in the year-ago quarter, reflecting a significant improvement from the prior-year figure.
JinkoSolar’s total revenues of $3,396.9 million surpassed the Zacks Consensus Estimate of $3,302 million by 2.9%. The top line improved 45.8% on a year-over-year basis due to an increase in solar module shipments.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
SolarEdge (SEDG) Q1 Earnings Beat Estimates, Revenues Rise Y/Y
SolarEdge Technologies, Inc.’s (SEDG - Free Report) shares gained a solid 6.6% on May 4, reflecting investors’ optimism following first-quarter 2023 results.
The company reported adjusted earnings of $2.90 per share, which surpassed the Zacks Consensus Estimate of $1.98 by a solid 46.5%. The bottom line also improved 141.7% from the prior-year quarter’s $1.20 per share.
Barring one-time adjustments, the company recorded GAAP earnings of $2.35 per share compared with 60 cents in the year-ago period.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge Technologies, Inc. price-consensus-eps-surprise-chart | SolarEdge Technologies, Inc. Quote
Revenues
The company’s quarterly revenues of $943.9 million outpaced the Zacks Consensus Estimate of $930 million by 1.6%. The top line also surged 44.1% from the year-ago quarter’s $655.1 million.
Revenues from the solar segment totaled $908.5 million, up 49% from $608 million registered in the prior-year period.
Operational Highlights
SolarEdge shipped a total of 3.6 gigawatts of inverters and 221 megawatt-hours of batteries in the reported quarter.
The adjusted gross margin expanded 420 basis points to 32.6% from the prior-year figure of 28.4%.
Adjusted operating expenses went up 25% year over year to $123.6 million.
Adjusted operating income totaled $144.2 million, up 183.3% from the year-ago quarter’s $50.9 million.
Financial Performance
SolarEdge had $727.8 million of cash and cash equivalents as of Mar 31, 2023, compared with $783.1 million as of Dec 31, 2022.
Cash flow from operating activities amounted to $7.9 million against cash outflow of $163 million in the year-ago period.
Total long-term liabilities came in at $1,245.6 million as of Mar 31, 2023, compared with $1,199.9 million as of Dec 31, 2022.
Q2 Guidance
SEDG expects revenues in the range of $970-$1,010 million for the second quarter of 2023. The Zacks Consensus Estimate for the same is pegged at $989.2 million, lower than the midpoint of the guided range.
Revenues from the solar segment are projected in the range of $930-$980 million for the same time frame.
While the company’s adjusted gross margin is estimated in the range of 32-35%, the same for the solar segment is anticipated in the band of 34-37%.
SEDG expects adjusted operating profit in the $195-$215 million range.
Zacks Rank
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
First Solar, Inc. (FSLR - Free Report) reported first-quarter 2023 earnings of 40 cents per share, which missed the Zacks Consensus Estimate of 99 cents by 59.6%. However, the bottom line improved significantly from the prior-year quarter’s reported loss of 41 cents per share.
Net sales totaled $548 million, which missed the Zacks Consensus Estimate of $724 million by 23.7%. However, the top line improved 49.4% from the year-ago quarter’s $367 million.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2023 adjusted earnings of $1.37 per share, highlighting a solid 73.4% improvement from 79 cents reported in the prior-year quarter. The bottom line also beat the Zacks Consensus Estimate of $1.21 by 13.2%.
Revenues of $726 million beat the Zacks Consensus Estimate of $723 million by 0.4%. The top line soared 64.5% from the prior-year quarter’s reported figure of $441.3 million.
JinkoSolar Holding Co. Ltd. (JKS - Free Report) reported first-quarter 2023 earnings per American Depositary Share (“ADS”) of $2.18, which beat the Zacks Consensus Estimate of 37 cents. The company reported earnings per ADS of 10 cents in the year-ago quarter, reflecting a significant improvement from the prior-year figure.
JinkoSolar’s total revenues of $3,396.9 million surpassed the Zacks Consensus Estimate of $3,302 million by 2.9%. The top line improved 45.8% on a year-over-year basis due to an increase in solar module shipments.