SolarEdge (SEDG) Q2 Earnings Beat Estimates, Revenues Up Y/Y
Zacks Investment Research | Aug 07, 2019 07:01AM ET
SolarEdge Technologies, Inc. (NASDAQ:SEDG) reported second-quarter 2019 adjusted earnings of 94 cents per share, which surpassed the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line, moreover, rose 14.6% from 82 cents in the prior-year quarter.
Barring one-time adjustments, the company posted GAAP earnings of 66 cents per share compared with 72 cents in the year-ago quarter.
The year-over-year downside in the GAAP earnings can be attributed to higher operating expenses in the second quarter.
Revenues
SolarEdge’s revenues of $325 million in the second quarter surpassed the Zacks Consensus Estimate of $315 million by 3.2%. The top line also surged 43.1% from the year-ago quarter’s $227.1 million on solid shipments.
Operational Highlights
SolarEdge shipped a total of 1.3 Gigawatts (AC) of inverters in the reported quarter.
Gross profit totaled $110.7 million, surged 35% from $81.9 million a year ago.
Total operating expenses soared 58.2% year over year to $65.3 million. The uptick can be attributed to higher research & development, sales & marketing and general & administrative expenses.
Operating income during the quarter totaled $45.4 million, up 11.5% from $40.7 million in the year-ago quarter.
Financial Performance
SolarEdge had $176.6 million of cash and cash equivalents as of Jun 30, 2019, up from $187.8 million at the end of 2018.
Cash flow from operating activities amounted to $107.2 million at the end of second-quarter 2019, down from $107.9 million a year ago.
Long-term liabilities were $247.9 million at the end of the second quarter compared with $168 million as of Dec 31, 2018.
SolarEdge Technologies, Inc. Price, Consensus and EPS Surprise
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