SolarEdge Technologies Inc. (NASDAQ: SEDG) reported its most recent quarterly results after the markets closed on Monday. The company said that it had $0.64 in earnings per share (EPS) and $271.9 million in revenue, which compared with consensus estimates of $0.60 in EPS and revenue of $266.38 million. The same period of last year reportedly had EPS of $0.87 on $209.87 million in revenue.
Revenues increased 3% from the prior quarter and 30% year over year to record numbers. Also, revenues related to the solar business were $253.1 million, up 4% from $243.4 million in the prior quarter and up 21% from $209.9 million in the same quarter of last year.
Looking ahead to the second quarter, the company except to see revenues in the range of $310 million to $320 million with a gross margin of 32% to 34%, as well as revenues from solar products between $290 million and $300 million. Consensus estimates call for $0.68 in EPS and $282.1 million in revenue for the quarter.
On the books, SolarEdge’s cash, cash equivalents and marketable securities totaled $398.7 million at the end of the quarter, up from with $392.2 million at the end of the previous fiscal year.
Guy Sella, founder, board chair and CEO, commented:
We opened 2019 with a strong quarter and record revenues driven by substantial growth, particularly in Europe, which demonstrates our leading position in the global solar inverter market. This quarter we concluded the acquisition of SMRE which provides us with an entry into the e-mobility market and we continued the integration of Kokam and the building of our UPS business. We are very happy to be able to continue to grow our solar business while leveraging profits for further investment in our new areas of technology development, which include UPS products, lithium ion batteries and integrated powertrain electronics for electric vehicles.
Shares of SolarEdge were last seen up about 22% at $53.46, in a 52-week range of $32.42 to $70.74. The consensus price target is $48.88.