SolarEdge Technologies, Inc. (Nasdaq:SEDG), a global leader in PV inverters, power optimizers, and module-level monitoring services, today announced its financial results for the first quarter 2017 ended March 31, 2017.First Quarter 2017 Highlights
Revenues for the quarter of $115.1 million
GAAP gross margin for the quarter of 33.6%
GAAP operating income for the quarter of $12.0 million
GAAP net income for the quarter of $14.2 million
Non-GAAP net income for the quarter of $16.5 million
GAAP net diluted earnings per share for the quarter of $0.32
Non-GAAP net diluted earnings per share for the quarter of $0.36
455 Megawatts (AC) of inverters shipped for the quarter
“In a quarter where the PV market is exhibiting decline in the United States, we have increased our revenues, profitability and cash flow generation quarter over quarter. Much of this is attributed to increased sales in Europe and our growing worldwide geographic spread,” said Guy Sella, Founder, Chairman and CEO of SolarEdge. “We are confident that with our financial strength, cash balance and substantial R&D capabilities, we are well positioned to continue to increase revenues in existing markets and new markets as we see fit.”
Quarter Ended March 31, 2017 Summary
The Company reported revenues of $115.1 million, up 3% from the prior quarter.
GAAP gross margin reached 33.6%, down from 35.0% in the prior quarter and up from 32.5% year over year.
GAAP operating expenses were $26.7 million, an increase of 12% from the prior quarter and 27% year over year.
GAAP operating income was $12.0 million, down from $15.1 million in the prior quarter and from $19.7 million year over year.
GAAP net income was $14.2 million, up from $9.8 million in the prior quarter and down from $20.8 million year over year.
Non-GAAP net income was $16.5 million, up from $14.7 million in the prior quarter and down from $23.3 million year over year.
GAAP net diluted earnings per share (“EPS”) was $0.32, up from $0.22 in the prior quarter and down from $0.47 year over year.
Non-GAAP net diluted EPS was $0.36, up from $0.32 in the prior quarter and down from $0.51 year over year.
As of March 31, 2017, cash, cash equivalents, restricted cash and marketable securities totaled $247.6 million, compared to $224.3 million on December 31, 2016.
Outlook for the Quarter Ending June 30, 2017
The Company also provides guidance for the quarter ending June 30, 2017 as follows:
Revenues to be within the range of $120 million to $130 million;
Gross margins to be within the range of 32% to 34%.
The Company will host a conference call to discuss these results at 4:30 P.M. EDT on Tuesday, May 9, 2017. The call will be available, live, to interested parties by dialing 877-857-6173. For international callers, please dial +1 719-325-4802. The Conference ID number is 5892673. 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 web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.