SolarEdge (SEDG) Q3 2021 earnings

A Solarpro personnel installs a SolarEdge Technologies Inc. inverter at a household assets in Sydney, Australia, on Monday, May 17, 2021.

Brendon Thorne | Bloomberg | Getty Pictures

Shares of SolarEdge slipped as a lot as 8% all through extended investing on Tuesday pursuing the firm’s 3rd-quarter earnings final results. SolarEdge posted record revenue for the period, but the range fell brief of anticipations and despatched the stock tumbling.

The organization makes specialized inverters — normally referred to as the brains of a photo voltaic method – that are related to just about every solar module, which increases the system’s electrical power output.

Here is how the firm did versus analysts’ expectations, as compiled by Refinitiv:

  • Earnings: $1.45 for every share, altered
  • Revenue: $526 million vs $528 million envisioned

Wall Avenue analysts have been expecting the company to generate $1.36 for each share. It was not straight away obvious whether the reported selection is comparable to estimates.

The third-quarter success review with modified EPS of $1.28 for each share on profits of $480 million in Q2, and $1.21 on income of $338 million in the calendar year-ago quarter.

Earnings from the company’s solar phase jumped 11% quarter in excess of quarter to $476.8 million, and was up 53% calendar year about year.

SolarEdge explained it expects fourth-quarter earnings to be amongst $530 million and $560 million. Wall Road analysts were being searching for $554 million, in accordance to estimates compiled by StreetAccount.

The enterprise carries on to be strike by source chain bottlenecks, and reported it exited the most recent quarter with a “history backlog” for the fourth quarter of 2021 and into the initially quarter of subsequent 12 months. The comments appear just after management stated during the 2nd quarter meeting simply call that some offer chain pressures had began to ease.

“We are pleased with our report revenues in the 3rd quarter amid the unparalleled global logistics and provide chain issues,” CEO Zvi Lando said in a statement following SolarEdge’s third-quarter outcomes. He extra that a production facility in Vietnam was shut for 12 weeks all through the period of time due to Covid-relevant problems.

SolarEdge’s faced bigger expenses amid the provide chain crisis, but opted not to go those people alongside to buyers in the kind of mountaineering prices.

This is in distinction to competitor Enphase Vitality, which very last week mentioned it elevated rates through the most recent quarter, and options to increase charges once again during the present-day quarter. The two firms fundamentally keep a duopoly in the U.S. household inverter sector.

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