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SolarEdge Technologies Shares Surge 10% on Q3 Revenue Beat & Strong Outlook

Published 07/11/2022, 22:02
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect
SEDG
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By Davit Kirakosyan

SolarEdge Technologies (NASDAQ:SEDG) shares gained more than 10% after-hours following the company’s reported Q3 results, with revenue of $836.7 million (up 59% year-over-year) coming in better than the consensus estimate of $826.36 million.

EPS was $0.91, compared to the consensus estimate of $1.47. Revenues from the solar segment grew 65% year-over-year to a record of $788.6 million.

“We are pleased with our third quarter results, setting new revenue and operating profit records. The results reflect extremely strong momentum in Europe where our revenues grew 90% compared to the same quarter last year,” said Zvi Lando, Chief Executive Officer of SolarEdge.

The company provided its Q4/22 outlook, expecting revenue in the range of $855-885 million, compared to the consensus estimate of $856.78 million.

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