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 (SEDG) Q4 Earnings Top Estimates, Revenues Fall Y/Y
Read MoreHide Full Article
Shares of SolarEdge Technologies, Inc. (SEDG - Free Report) lost 12.1% to reach $74.14 on Feb 21, following the company’s latest financial report release.
It reported a fourth-quarter 2023 adjusted loss of 92 cents per share, narrower than the Zacks Consensus Estimate of loss of $1.47. The bottom line deteriorated from the prior-year quarter’s reported earnings of $2.86 per share.
Barring one-time adjustments, the company recorded a GAAP loss of $2.85 per share against earnings of 36 cents recorded in the year-ago period.
For 2023, SEDG reported adjusted earnings of $4.12, down 30.8% from $5.95 in the prior year
Revenues
The company’s quarterly revenues of $316 million missed the Zacks Consensus Estimate of $320 million by 1.2%. The top line also declined 64.5% from the year-ago quarter’s figure of $890.7 million.
Revenues from the solar segment totaled $282.4 million, down 66% from $837 million registered in the prior-year period.
For 2023, SolarEdge reported revenues of $2.98 billion, down 4.3% from $3.11 billion in the prior year.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge shipped a total of 901 megawatts of inverters and 133 megawatt-hours of batteries in the reported quarter.
The adjusted gross margin contracted 2,690 basis points to 3.3% from the prior-year figure of 30.2%.
Adjusted operating expenses went down 1% year over year to $118.3 million.
The adjusted operating loss totaled $107.8 million against an operating income of $149.6 million in the prior-year quarter.
Financial Performance
SolarEdge had $338.5 million in cash and cash equivalents as of Dec 31, 2023, compared with $783.1 million as of Dec 31, 2022.
The cash outflow from operating activities for 2023 amounted to $180.1 million against a cash inflow of $31.3 million in the prior year.
Total long-term liabilities were $1.28 billion as of Dec 31, 2023, compared with $1,20 billion as of Dec 31, 2022.
Q1 2024 Guidance
SEDG expects revenues in the range of $175-$215 million for the first quarter of 2024. The Zacks Consensus Estimate for the same is pegged at $344.9 million, which lies higher than the company’s guided range.
Revenues from the solar segment are projected in the range of $160-$200 million for the same time frame.
SEDG expects adjusted operating expenses in the $122-$130 million range.
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2023 adjusted earnings of 54 cents per share, indicating a 64.2% decline from $1.51 reported in the prior-year quarter. The bottom line met the Zacks Consensus Estimate.
Enphase Energy’s fourth-quarter revenues of $302.6 million missed the Zacks Consensus Estimate of $327 million by 7.5%. The top line also declined 58.2% from the prior-year quarter’s reported figure of $724.7 million.
SunPower Corporation reported a fourth-quarter 2023 adjusted loss of 51 cents per share against earnings of 11 cents posted in the prior-year period. The loss was wider than the Zacks Consensus Estimate of a loss of 27 cents per share.
During the quarter under review, SunPower’s adjusted revenues totaled $361.3 million, while GAAP revenues amounted to $356.9 million. The GAAP top line deteriorated 28.3% from the year-ago quarter’s figure of $498 million. The Zacks Consensus Estimate for SPWR’s top line was pegged at $365 million.
Upcoming Solar Release
First Solar, Inc. (FSLR - Free Report) : The Zacks Consensus Estimate for FSLR’s fourth-quarter revenues is pegged at $1.31 billion, implying growth of 30.8% from the year-ago period’s reported figure.
The Zacks Consensus Estimate for First Solar’s fourth-quarter earnings is pegged at $3.19 per share, implying a massive improvement from the year-ago quarter’s reported loss. First Solar has a trailing four-quarter average earnings surprise of 28.97%.
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
SolarEdge (SEDG) Q4 Earnings Top Estimates, Revenues Fall Y/Y
Shares of SolarEdge Technologies, Inc. (SEDG - Free Report) lost 12.1% to reach $74.14 on Feb 21, following the company’s latest financial report release.
It reported a fourth-quarter 2023 adjusted loss of 92 cents per share, narrower than the Zacks Consensus Estimate of loss of $1.47. The bottom line deteriorated from the prior-year quarter’s reported earnings of $2.86 per share.
Barring one-time adjustments, the company recorded a GAAP loss of $2.85 per share against earnings of 36 cents recorded in the year-ago period.
For 2023, SEDG reported adjusted earnings of $4.12, down 30.8% from $5.95 in the prior year
Revenues
The company’s quarterly revenues of $316 million missed the Zacks Consensus Estimate of $320 million by 1.2%. The top line also declined 64.5% from the year-ago quarter’s figure of $890.7 million.
Revenues from the solar segment totaled $282.4 million, down 66% from $837 million registered in the prior-year period.
For 2023, SolarEdge reported revenues of $2.98 billion, down 4.3% from $3.11 billion in the prior year.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
SolarEdge Technologies, Inc. price-consensus-eps-surprise-chart | SolarEdge Technologies, Inc. Quote
Operational Highlights
SolarEdge shipped a total of 901 megawatts of inverters and 133 megawatt-hours of batteries in the reported quarter.
The adjusted gross margin contracted 2,690 basis points to 3.3% from the prior-year figure of 30.2%.
Adjusted operating expenses went down 1% year over year to $118.3 million.
The adjusted operating loss totaled $107.8 million against an operating income of $149.6 million in the prior-year quarter.
Financial Performance
SolarEdge had $338.5 million in cash and cash equivalents as of Dec 31, 2023, compared with $783.1 million as of Dec 31, 2022.
The cash outflow from operating activities for 2023 amounted to $180.1 million against a cash inflow of $31.3 million in the prior year.
Total long-term liabilities were $1.28 billion as of Dec 31, 2023, compared with $1,20 billion as of Dec 31, 2022.
Q1 2024 Guidance
SEDG expects revenues in the range of $175-$215 million for the first quarter of 2024. The Zacks Consensus Estimate for the same is pegged at $344.9 million, which lies higher than the company’s guided range.
Revenues from the solar segment are projected in the range of $160-$200 million for the same time frame.
SEDG expects adjusted operating expenses in the $122-$130 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
Enphase Energy, Inc. (ENPH - Free Report) reported fourth-quarter 2023 adjusted earnings of 54 cents per share, indicating a 64.2% decline from $1.51 reported in the prior-year quarter. The bottom line met the Zacks Consensus Estimate.
Enphase Energy’s fourth-quarter revenues of $302.6 million missed the Zacks Consensus Estimate of $327 million by 7.5%. The top line also declined 58.2% from the prior-year quarter’s reported figure of $724.7 million.
SunPower Corporation reported a fourth-quarter 2023 adjusted loss of 51 cents per share against earnings of 11 cents posted in the prior-year period. The loss was wider than the Zacks Consensus Estimate of a loss of 27 cents per share.
During the quarter under review, SunPower’s adjusted revenues totaled $361.3 million, while GAAP revenues amounted to $356.9 million. The GAAP top line deteriorated 28.3% from the year-ago quarter’s figure of $498 million. The Zacks Consensus Estimate for SPWR’s top line was pegged at $365 million.
Upcoming Solar Release
First Solar, Inc. (FSLR - Free Report) : The Zacks Consensus Estimate for FSLR’s fourth-quarter revenues is pegged at $1.31 billion, implying growth of 30.8% from the year-ago period’s reported figure.
The Zacks Consensus Estimate for First Solar’s fourth-quarter earnings is pegged at $3.19 per share, implying a massive improvement from the year-ago quarter’s reported loss. First Solar has a trailing four-quarter average earnings surprise of 28.97%.