Solaredge Technologies Inc (SEDG) surpassed earnings projections on 8/1/2023 for Q2 2023.
Solaredge Tech’s earnings came in at an EPS of $2.62 per share, 3.00% higher than estimates for an EPS of $2.55 per share. The firm’s earnings are up 176% since reporting $0.95 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.
Consensus analyst estimates were at $989.2 million. The Technology company managed to surpass those expectations for its second quarter with revenue of $991.3 million, a positive revenue surprise of $2.1 million (0%). The firm managed 36% growth year-over-year due to Solaredge Tech reporting quarterly revenue of $727.8 million in its year-ago quarter. Solaredge Tech achieved a higher earnings growth rate than revenue, signaling that the business has improved its profit margin.
The stock is down 17.66% to $197.37 after the report.
Solaredge Tech’s earnings expanded faster than revenues, signaling widening profit margins.
The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.
Trading in the five days leading up to the report earned Solaredge Tech a Neutral Sentiment Rank from InvestorsObserver.
Solaredge Tech has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 13, putting Solaredge Tech in the bottom 25% of stocks. The firm set a 52-week low on October 13, 2022 at $190.15 and set a 52-week high on August 2, 2022 at $374.48.
SolarEdge Technologies designs, develops, and sells direct current optimized inverter systems for solar photovoltaic installations. The company’s systems consist of power optimizers, inverters, and cloud-based monitoring platform and addresses a broad range of solar market segments, from residential solar installations to commercial and small utility-scale solar installations. The company sells its products directly to solar installers, engineering, procurement, and construction firms and indirectly to solar installers through distributors and electrical equipment wholesalers. Additionally, the company has nonsolar products targeting the energy storage, e-mobility, and ultracritical power solutions industries.
