SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in PV inverters, power optimizers, and module-level monitoring services, today announced its financial results for the quarter ended December 31, 2016.
Quarter Ended December 31, 2016 Highlights
- Revenues for the quarter of $111.5 million
- GAAP gross margin for the quarter of 35.0%
- GAAP operating income for the quarter of $15.1 million
- GAAP net income for the quarter of $9.8 million
- Non-GAAP net income for the quarter of $14.7 million
- GAAP net diluted earnings per share for the quarter of $0.22
- Non-GAAP net diluted earnings per share for the quarter of $0.32
- 413 Megawatts (AC) of inverters shipped for the quarter
“We focused this quarter on the ramp up of manufacturing new products, including the HD Wave inverter which is now available worldwide. We continued our cost reduction measures yielding solid operating income and record gross margin despite lower revenues than in previous quarters,” said Guy Sella, Founder, Chairman and CEO of SolarEdge. “We remain confident in our ability to grow revenues and profitability in 2017.”
Quarter Ended December 31, 2016 Summary
The Company reported revenues of $111.5 million, 13% down from the prior quarter and of 11% year over year.
GAAP gross margin reached 35.0%, up from 32.6% in the prior quarter and from 30.9% year over year.
GAAP operating expenses were $23.9 million, an increase of 1% from the prior quarter and of 24% year over year.
GAAP operating income was $15.1 million, down from $18.2 million in the prior quarter and from $19.3 million year over year.
GAAP net income was $9.8 million, down from $15.6 million in the prior quarter and from $24.1 million year over year.
Non-GAAP net income was $14.7 million, down from $20.9 million in the prior quarter and down from $19.8 million year over year.
GAAP net diluted earnings per shares (“EPS”) was $0.22, down from $0.35 in the prior quarter and down from $0.55 year over year.
Non-GAAP net diluted EPS was $0.32, down from $0.46 in the prior quarter and down from $0.44 year over year.
As of December 31, 2016, cash, cash equivalents, restricted cash and marketable securities totaled $224.3 million, compared to $206.7 million on September 30, 2016.
Outlook for the Quarter Ending March 31, 2017
The Company also provides guidance for the quarter ending March 31, 2017 as follows:
Revenues to be within the range of $110 million to $120 million;
Gross margins to be within the range of 31% to 33%.
Conference Call
The Company will host a conference call to discuss these results at 4:30 P.M. EST on Tuesday, February 14, 2017. The call will be available, live, to interested parties by dialing 877-874-1570. For international callers, please dial +1 719-325-4762. The Conference ID number is 9063628. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com
A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.
