SolarEdge revenues for the solar business jumped by 66 percent to USD 387.8 million, from USD 233.8 million in the same quarter previous year.
Israel-based inverter solutions provider SolarEdge Technologies has reported a significant growth of 74 percent in its total revenue at USD 410.6 million during the third quarter of FY 2019, as against USD 236.6 million in July-September quarter last year.
Further, it’s revenues for the solar business jumped by 66 percent to USD 387.8 million, from USD 233.8 million in the same quarter previous year.
However, the company’s net income slightly dropped by 9 percent in Q3 at USD 41.6 million, from USD 45.6 million in the same period a year ago.
Moreover, it’s net diluted earnings per share (or EPS) during the quarter slipped to USD 0.81, as compared to USD 0.952 during the same quarter of FY18.
Commenting on the performance, SolarEdge Technologies, Acting CEO and VP Global Sales, Zvi Lando said, “Our performance this quarter was at the upper range of our guidance, with record revenues, record non-GAAP profitability and record cash generation.”
During the July-Sep quarter of FY19, SolarEdge’s gross margin grew marginally to 33.9 percent, from 33 percent year over year.
The company’s operating income in Q3 stood at USD 66 million, up 94 percent, from USD 34 million y-o-y.
On Q4 FY19 outlook, the company projected its revenues to be within the range of USD 410 million to USD 420 million; gross margins to be within the range of 32 per cent to 34 per cent; revenues from solar products to be within the range of USD 388 million to USD 398 million; and gross margin from sale of solar products is likely to be within the range of 33 percent to 35 per cent.
“While we are pleased with the financial and operational results, this was a somber quarter for the Company due to the untimely passing of Mr. Guy Sella, Founder, Chairman and CEO of SolarEdge. Guy was not only our CEO and Chairman but a technological visionary, a role model and dear friend and will be greatly missed. SolarEdge management, most of whom have been leading the company together with Guy for many years, are dedicated to continue to strive for excellence in innovation and execution. We believe we are well positioned for continued growth both in our core business as leaders of PV inverter technology and in our new businesses of lithium-ion cells and batteries, e-mobility powertrain solutions and uninterruptible power supply systems,” Lando added.