星期四, 十月 1, 2020
Home PV News SolarEdge up 12% after hours on Q2 revenue beat and solid earnings...

SolarEdge up 12% after hours on Q2 revenue beat and solid earnings — despite Covid-19

SolarEdge was able to keep its streak of profitable quarters going — in what was expected to be a hard-hit quarter for solar. The company sees “signs of recovery in the U.S.”

Source:PV magazine

SolarEdge was able to keep its streak of profitable quarters going, despite a squeeze in revenue and earnings — in what was expected to be a hard-hit quarter for solar.
The company posted Q2 revenues of $331.9 million with 94% of that from solar, all at a compressed GAAP gross margin of 31.0%. The company shipped 3.5 million of its solar power optimizers in the quarter, down from 5 million in the previous quarter. Here’s a link to the presentation.
The $331.9 revenue number beat analysts estimates.
“This quarter, despite the challenges caused by Covid-19, we maintained healthy profitability while generating cash from operating activity,” said Zivi Lando, CEO of SolarEdge. “Our global strength, and in particular our loyal customer base in the Netherlands, Germany, Italy and Australia, softened the decline in U.S. demand this past quarter.”
Second quarter 2020 highlights
Revenues of $331.9 million (down 23% q-q and up 2% from the same quarter last year)
Revenues from solar products of $310.1 million
GAAP gross margin of 31.0%
GAAP net income of $36.7 million, down 13% from the prior quarter.
GAAP net diluted EPS of $0.70, down from $0.81 in the prior quarter
1.44 GW (AC) of inverters shipped
Second Quarter 2020 Summary
GAAP operating expenses were $73.0 million, up 1% from $72.2 million in the prior quarter and up 12% from $65.3 million in the same quarter last year.
GAAP operating income was $30.0 million, down 56% from $67.8 million in the prior quarter and down 34% from $45.4 million in the same quarter last year.
As of June 30, 2020, cash and cash equivalents totaled $592.7 million, compared to $467.5 million on December 31, 2019.
Guidance for Q3 2020
SolarEdge provided guidance for Q3 2020
Revenues to be within the range of $325 million to $350 million
Non-GAAP gross margin expected to be within the range of 32% to 34%
Revenues from solar products to be within the range of $305 million to $325 million
Sales in Europe have returned
According to the the company’s presentation, “sales and installations in Europe have returned, and in some countries exceeding, pre-Covid-19 rate.” The company sees “signs of recovery in the U.S.”
The company sees “tracking indicators such as weekly new orders, installation rates and distributor sell outs all trending positively.”
SolarEdge stock is up 12% after hours and up 82% this year.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Apple data center in Denmark powered by 50 MW of solar

Apple has revealed that its data center in Viborg, Denmark, is now being powered by a 50 MW solar project under a long-term power...

Solar + storage experiment in Tampa Bay selected for Solar Energy Innovation Network project

An innovative solar + storage research project led by the Tampa Bay Regional Planning Council has been selected as a finalist for the Solar...

Chinese PV Industry Brief: 350 MW wind-solar project, 200 MW of floating PV

Longyuan Energy said this week that it has signed an agreement with the municipal authorities in Binzhou, Shandong province, to build 300 MW of solar...

IEEE creates education and credentialing program for interconnecting distributed resources to the grid

IEEE and the IEEE Standards Association (IEEE SA) announced the IEEE Std 1547-2018 Distributed Energy Resources (DER) Interconnection Commissioning: Education and Credentialing Program, a new...