SolarEdge Q4, 2016 results: PV inverter shipments decreased; Gross margin improved

SolarEdge’s HD Wave PV inverter is now available worldwide
SolarEdge’s HD Wave PV inverter is now available worldwide

SolarEdge Technologies Inc. (Hod Hasharon, Israel), a global provider of PV inverters, power optimizers, and module-level monitoring services, on February 14th, 2017 announced its financial results for the quarter ended December 31st, 2016.

SolarEdge shipped 413 MWAC of inverters during the quarter (Q3, 2016: 466 MW), and reported revenues of USD 111.5 million, 13% down from the prior quarter and 11% year over year.

GAAP gross margin reached 35.0%, up from 32.6% in the prior quarter and from 30.9% year over year.

GAAP operating income was USD 15.1 million, down from USD 18.2 million in the prior quarter and from USD 19.3 million year over year.

GAAP net income was USD 9.8 million, down from USD 15.6 million in the prior quarter and from USD 24.1 million year over year.

GAAP net diluted earnings per shares (EPS) was USD 0.22, down from USD 0.35 in the prior quarter and down from USD 0.55 year over year.

“We focused this quarter on the ramp up of manufacturing new products, including the HD Wave inverter which is now available worldwide,” comments Guy Sella, Founder, Chairman and CEO of SolarEdge.

“We continued our cost reduction measures yielding solid operating income and record gross margin despite lower revenues than in previous quarters. We remain confident in our ability to grow revenues and profitability in 2017.”

The Company also provides guidance for the quarter ending March 31st, 2017 as follows: Revenues to be within the range of USD 110 million to USD 120 million; Gross margins to be within the range of 31% to 33%.

 

2017-02-15 | Courtesy: SolarEdge | solarserver.com © Heindl Server GmbH

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