SolarEdge Second-Quarter Results Top Estimates Stock Surges By Investors Business Daily
SolarEdge Technologies (SEDG) reported second-quarter results late Monday that solidly beat estimates on the top and bottom lines. SolarEdge stock surged on the news.
The Israel-based provider of solar technology reported adjusted earnings of 97 cents per share on revenue of $331.9 million. Wall Street expected earnings of 53 cents on revenue of $319.6 million, according to FactSet.
For its third quarter, SolarEdge expects revenue in the range of $325 million to $350 million. The midpoint of $337.6 million is the same as analyst estimates.
“This quarter, despite the challenges caused by Covid-19, we maintained healthy profitability while generating cash from operating activity,” Chief Executive Zivi Lando said in written remarks with the earnings release.
SolarEdge Stock Activity
SolarEdge stock jumped 12% to 194 during after-hours trading on the stock market today. In addition, SolarEdge is trading well above its 50-day and 200 day moving averages.
The company supplies photovoltaic inverters for residential and commercial markets. Its products convert the direct current of a solar panel into alternating current. The energy can be fed into a commercial electrical grid or used by local, off-grid electrical networks.
The company also provides large-scale photovoltaic infrastructure. It’s also involved in energy storage, electric-vehicle charging and home energy management.
Two other solar companies report earnings this week. Vivint Solar (VSLR) reports Wednesday, while First Solar (FSLR) report Thursday. Both report after the market close.
SolarEdge stock is up 82% this year.
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