SolarEdge Announces Third Quarter 2019 Financial Results

Publié le 7 nov. 2019
SolarEdge Technologies 
SolarEdge Technologies, Inc. today announced its financial results for the third quarter ended September 30, 2019.

Third Quarter 2019 Highlights

Record revenues of $410.6 million
Record revenues from solar products of $387.8 million
GAAP gross margin of 33.9%
GAAP gross margin from sale of solar products of 35.0%
Non-GAAP gross margin from sale of solar products of 35.4%
GAAP net income of $41.6 million
Record Non-GAAP net income of $63.6 million
GAAP net diluted earnings per share ("EPS") of $0.81
Record Non-GAAP net diluted EPS of $1.21
1.5 Gigawatts (AC) of inverters shipped

"Our performance this quarter was at the upper range of our guidance, with record revenues, record non-GAAP profitability and record cash generation," said Zvi Lando, Acting CEO and VP Global Sales of SolarEdge. "While we are pleased with the financial and operational results, this was a somber quarter for the Company due to the untimely passing of Mr. Guy Sella, Founder, Chairman and CEO of SolarEdge. Guy was not only our CEO and Chairman but a technological visionary, a role model and dear friend and will be greatly missed. SolarEdge management, most of whom have been leading the company together with Guy for many years, are dedicated to continue to strive for excellence in innovation and execution. We believe we are well positioned for continued growth both in our core business as leaders of PV inverter technology and in our new businesses of lithium-ion cells and batteries, e-mobility powertrain solutions and uninterruptible power supply systems."

Third Quarter 2019 Summary

The Company reported record revenues of $410.6 million, up 26% from $325.0 million in the prior quarter and up 74% from $236.6 million in the same quarter last year.

Revenues related to the solar business were $387.8 million, up 26% from $306.7 million in the prior quarter and up 66% from $233.8 million in the same quarter last year.

GAAP gross margin was 33.9%, slightly down from 34.1% in the prior quarter and up from 33.0% year over year. This quarter's gross margins were negatively impacted by increased air shipments as well as the increase in U.S. tariffs on China made products.

Non-GAAP gross margin was 35.1%, down from 35.7% in the prior quarter and up from 33.6% year over year.

GAAP gross margin for the solar business was 35.0%, down from 36.4% in the prior quarter and up from 33.9% year over year.

Non-GAAP gross margin for the solar business was 35.4%, down from 36.9% in the prior quarter and up from 34.4% year over year.

GAAP operating expenses were $73.3 million, up 12% from $65.3 million in the prior quarter and up 67% from $43.9 million in the same quarter last year. Operating expenses this quarter include $8.3 million non-recurring expense related to acceleration of equity awards and other payments related to the untimely death of Mr. Guy Sella, former Chairman, CEO and Founder of the Company.

Non-GAAP operating expenses were $54.8 million, relatively flat to $54.9 million in the prior quarter and up 48% from $37.0 million in the same quarter last year.

GAAP operating income was $66.0 million, up 46% from $45.4 million in the prior quarter and up 94% from $34.0 million in the same quarter last year.

Non-GAAP operating income was $89.2 million, up 46% from $61.0 million in the prior quarter and up 110% from $42.5 million in the same quarter last year.

GAAP net income was $41.6 million, up 26% from $33.1 million in the prior quarter and down 9% from $45.6 million in the same quarter last year.

Non-GAAP net income was $63.6 million, up 29% from $49.3 million in the prior quarter and up 49% from $42.7 million in the same quarter last year.

GAAP net diluted EPS was $0.81, up from $0.66 in the prior quarter and down from $0.95 in the same quarter last year.

Non-GAAP net diluted EPS was $1.21, up from $0.94 in the prior quarter and up from $0.86 in the same quarter last year.

Cash flow from operating activities was $68.7 million, up from $50.8 million in the prior quarter and up from $34.3 million in the same quarter last year.

As of September 30, 2019, cash, cash equivalents, bank deposits, restricted bank deposit and marketable securities totaled $432.9 million, compared to $373.6 million on June 30, 2019.

Outlook for the Fourth Quarter 2019

The Company also provides guidance for the fourth quarter ending December 31, 2019 as follows:

Revenues to be within the range of $410 million to $420 million
Gross margin expected to be within the range of 32% to 34%
Revenues from solar products to be within the range of $388 million to $398 million
Gross margin from sale of solar products expected to be within the range of 33% to 35%


Source: SolarEdge
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