SolarEdge Technologies, Inc., a global leader in PV inverters, power optimizers, and module-level monitoring services, recently announced its financial results for the quarter ended September 30, 2016.
Quarter Ended September 30, 2016 Highlights
- Revenues for the quarter of $128.5 million
- GAAP gross margin for the quarter of 32.6%
- GAAP operating income for the quarter of $18.2 million
- GAAP net income for the quarter of $15.6 million
- Non-GAAP net income for the quarter of $20.9 million
- GAAP net diluted earnings per share for the quarter of $0.35
- Non-GAAP net diluted earnings per share for the quarter of $0.46
- 466 Megawatts (AC) of inverters shipped for the quarter
“The solar market is facing challenging times. Despite this, our financial parameters continue to be strong and we are confident in our strategy. We are focused on maintaining and growing our market share by adjusting our plans to the changing environment and continuing to invest in R&D for new innovative products and diligent cost reduction, while improving operational efficiency and increasing geographic diversification,” said Guy Sella, Founder, Chairman and CEO of SolarEdge.
Quarter Ended September 30, 2016 Summary
The Company reported revenues of $128.5 million, an increase of 3% from the prior quarter and an increase of 12% year over year.
GAAP gross margin reached 32.6%, up from 31.4% in the prior quarter and up 29.1% year over year.
GAAP operating expenses were $23.6 million, an increase of 11% from the prior quarter and an increase of 27% year over year.
GAAP operating income was $18.2 million, up from $17.9 million in the prior quarter and form $14.9 million year over year.
GAAP net income was $15.6 million, down from $17.3 million in the prior quarter and up from $14.4 million year over year.
Non-GAAP net income was $20.9 million, up from $19.9 million in the prior quarter and up from $16.3 million year over year.
GAAP net diluted earnings per shares (“EPS”) was $0.35, down from $0.39 in the prior quarter and up from $0.32 year over year.
Non-GAAP net diluted EPS was $0.46, up from $0.44 in the prior quarter and up from $0.36 year over year.
As of September 30, 2016, cash, cash equivalents, restricted cash and marketable securities totaled $206.7 million, compared to $186.6 million on June 30, 2016. As of September 30, 2016, the Company did not have any debt.
Outlook for the Quarter Ending December 31, 2016
The Company also provides guidance for the quarter ending December 31, 2016 as follows:
Revenues to be within the range of $110 million to $120 million;
Gross margins to be within the range of 30% to 32%.
The Company will host a conference call to discuss these results at 4:30 P.M. ET on Wednesday, November 9, 2016. The call will be available, live, to interested parties by dialing +1 877-852-6581. For international callers, please dial +1 719-325-4800. The Conference ID number is 5288310. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com
A replay of the webcast will be available in the Investor Relations section of the Company’s website approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.