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SolarEdge Technologies Inc (NASDAQ:SEDG) shares are rising in extended trading Wednesday on the heels of the solar company's first-quarter results, which topped analyst expectations.
- Q1 Revenue: $943.89 million beat estimates of $932.7 million
- Q1 EPS: $2.90 beat estimates of $1.94
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Revenues were up 6% year-over-year. Gross margin came in at 31.8% and 32.6% on an adjusted basis. SolarEdge said it shipped 3.6 Gigawatts of inverters in the quarter and 221 MWh of batteries.
"Our diverse geographic and segmental footprint enables us to continue to grow revenues without being overly dependent on any single market or segment. As we see supply chain challenges gradually improving, we remain focused on execution and efficiencies to drive up margins and profitability," said Zvi Lando, CEO of SolarEdge.
Q2 Outlook: SolarEdge expects second-quarter revenue to be in the range of $970 million to $1.01 billion versus estimates of $986.37 million. The company anticipates a gross margin of 32% to 35%.
SolarEdge will hold a conference call to discuss these results at 4:30 p.m. ET.
SEDG Price Action: SolarEdge shares were up 8.79% after hours at $287 at the time of publication, according to Benzinga Pro.
Photo: Bruno from Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.