SolarEdge Stock Plummets After Mixed Q4 Results - SolarEdge Technologies (NASDAQ:SEDG)

SolarEdge Technologies, Inc. (NASDAQ:SEDG) reported its fourth-quarter financial results after the bell Tuesday. Here's a look at the highlights.

The Details:

SolarEdge Technologies reported quarterly losses of 92 cents per share which beat the analyst consensus estimate of losses of $1.33 by 30.83%.

The company reported quarterly sales of $316 million, missing the analyst consensus estimate of $323.3 million by 2.26% and representing a 64.52% decrease over sales of $890.7 million from the same period last year.

“Despite the challenges we faced in the second half of 2023, we concluded the year with $3.0 billion in revenue, just below 2022 levels,” said Zvi Lando, CEO of SolarEdge.

“The first half of 2023 included record installations and expectations for continued growth, with a shift in the second half of the year to a weaker market due to higher interest rates and lower power prices, which resulted in an inventory buildup that slowed our shipments. Nevertheless, we believe we are well positioned for the next growth cycle in our industry due to our expanding product portfolio as well as the operational and cost reduction measures we have taken,” Lando added.

Outlook:

SolarEdge sees first-quarter revenue to be within the range of $175 million to $215 million, with revenue from the solar segment to be within the range of $160 million to $200 million. It also expects gross margin from the solar segment expected to be within the range of 1% to 5%, including approximately 900 basis points of net IRA manufacturing tax credit.

SEDG Price Action: According to Benzinga Pro, SolarEdge Technologies shares are trading down 17.5% after-hours at $69.61 at the time of publication.

Image: Andreas from Pixabay

SEDGSolarEdge Technologies Inc

$34.401.47%

Overview

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