Revenue of $ 431.2 million and net income excluding non-recurring expenses increased 54% to $ 50.7 million, or $ 0.95 per share. Analysts had expected earnings of $ 1.25 per share for the quarter
Solaredge (NASDAQ: SEDG), which provides technological solutions for the solar energy industry, announced the results of the first quarter, which will be remembered as the Corona quarter, but it actually presented good results – revenues of $ 431.2 million and net profit without one-time expenses increased by 54% to 50.7 million Dollars, or $ 0.95 per share. Analysts had expected earnings of $ 1.25 per share for the quarter.
So why did the stock fall anyway? According to analysts, the reason is the lowering of the second quarter forecast to 335-305 while analysts expected second quarter revenue of $ 348 million. On Wednesday before the reports were published, the stock jumped 16%, after the reports were published it fell 11%. Overall its stock prices have seen many fluctuations since the outbreak of the corona with a 34% drop in March and a 43.3% jump in April.
CFO Ronen Pierre said at the conference call after the reports were released that the company was considering “any order” to ensure it was not “providing credit to customers who would fear not being able to return it.”
“SolarEdge is sitting on a pile of cash enough to cover the revenue range it expects, however, over the past few weeks we have seen requests to cancel orders and fear other customers’ non-compliance with payment terms.” Pierre said he added that the company had produced a stock of products in the early stages of the Corona crisis, which would allow them to fill orders in the coming quarters.
SolarEdge CEO Zvi Landau, for his part, said that SolarEdge – whose senior executives have voluntarily cut 20% salaries – will maintain the R&D pipeline the company planned before the epidemic, and will begin providing the HD-Wave system and a line of systems for improving assembly optimization during the year. Of solar panels. ”
The two also addressed the fear that closures imposed in the US and Europe would limit the availability of workers installing the systems.
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