When SolarEdge Technologies Inc. (NASDAQ: SEDG) reported its third-quarter financial results after the markets closed on Monday, the photovoltaics company said it had $1.21 in earnings per share (EPS) on $338.1 million in revenue. That compares to consensus estimates of $0.74 in EPS on revenue of $343 million. In the same period of last year, it posted EPS of $1.21 and $410.6 million in revenue.

During the latest quarter, revenues related to the solar business were $312.5 million, up 1% from $310.1 million in the prior quarter and down 19% from $387.8 million in the same quarter last year.

The firm shipped 1.45 gigawatts (AC) of inverters.

Management noted that the solar business outside the United States reached an all-time high and the U.S. market is showing signs of a return to pre-pandemic installation levels. In the non-solar business, the firm’s e-Mobility team is gearing up to deliver to its customer the first significant batch of full powertrain solutions for assembly in electric vehicles in the fourth quarter.

SolarEdge said it continues to generate significant cash from operations this quarter, it raised $618 million, net of expenses, in convertible debt providing additional support for its continued organic and non-organic growth.

SolarEdge cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $553.8 million, net of debt, versus $577.4 million at the end of June 2020.

Looking ahead to the fourth quarter, the company expects to see total revenue in the range of $345 million to $365 million, with revenues from solar products of $320 million to $335 million. Consensus estimates call for $1.03 in EPS and $389.57 million in revenue for the quarter.

SolarEdge stock traded down 20% to $212.85 on Tuesday, in a 52-week range of $67.02 to $317.88. The consensus price target is $229.93.

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