When SolarEdge Technologies Inc. (NASDAQ: SEDG) released its most recent quarterly results after the markets closed on Wednesday, the solar components provider said that it had $0.55 in earnings per share (EPS) and $136.1 million in revenue. That compared with consensus estimates of $0.36 in EPS and revenue of $125.7 million.
Keep in mind that this company only came public in 2015. And posting a profit for an alternative energy company is incredible at this rate. The company has a market cap of $1.1 billion.
In terms of the outlook for the coming quarter, SolarEdge expects revenue to be in the range of $155 million to $165 million with a gross margin between 33% and 35%.
Consensus estimates call for $0.38 in EPS and $131.71 million in revenue for the third quarter.
On the books, SolarEdge cash, cash equivalents and marketable securities totaled $194.8 million, compared with $180.0 million at the end of the previous fiscal year.
Guy Sella, founder, board chair and chief executive of SolarEdge, commented:
The second quarter of 2017 was a record quarter for us with record revenues, record non-GAAP profitability and record cash generation. Our sales in markets outside of the United States continued to grow this quarter further strengthening our diversified revenue base. Our continued cost reduction led by the HD-wave roll out allowed us to further increase profitability and cash flow generation. This quarter we also unveiled the next generation power optimizer, large capacity commercial inverter and announced the launch of the first PV inverter-integrated EV (electric vehicle) charger demonstrating our continued innovation and technological leadership.
Shares of SolarEdge were last seen up over 17% at $26.75, with a consensus analyst price target of $22.00 and a 52-week range of $11.35 to $27.95.