Solaredge Technologies Inc SEDG shares are trading lower by 5.25% to $294.40 Tuesday morning after the company reported fourth-quarter adjusted EPS and sales results.
So What Happened?
SolarEdge Technologies reported quarterly earnings of $2.86 per share which beat the analyst consensus estimate of $1.55 by 84.52 percent. The company also reported quarterly sales of $890.70 million which beat the analyst consensus estimate of $879.23 million by 1.30%. This is a 61% increase over sales of $551.91 million in the same period last year.
SolarEdge also sees first-quarter revenues in the range of $915 million to $945 million, versus the analyst consensus estimate of $918.5 million.
The company recorded record revenues of $3.11 billion, up a marked 58% year-over-year from 2021. This includes record revenues from the company’s solar segment of $2.92 billion, up some 63% year-over-year from 2021.
What Else?
“We are pleased with our fourth quarter results that conclude a challenging yet very successful year. The global economic and geopolitical events coupled with post pandemic dynamics created an unprecedented demand for solar energy in general and our products in particular,” said Zvi Lando, Chief Executive Officer of SolarEdge.
“I am proud that our extraordinary global team of employees was able to overcome the hurdles we faced and conclude a record year in almost every element of our operations. We are excited about the opportunities of the year ahead and expect to continue our profitable growth momentum.”
Analyst Rating Updates
Additionally, SEDG received a number of analyst rating updates Tuesday including:
JP Morgan analyst Mark Strouse maintained SolarEdge Technologies with an Overweight and raised the price target from $358 to $361.
BMO Capital analyst Ameet Thakkar maintained SolarEdge Technologies with an Outperform and raised the price target from $385 to $387.
Oppenheimer analyst Colin Rusch maintained SolarEdge Technologies with an Outperform and raises the price target from $379 to $383.
According to data from Benzinga Pro, SEDG has a 52-week high of $375.90 and a 52-week low of $190.15.
