SolarEdge Technologies (SEDG) Tops Q4 EPS by 20c, Beats on Revenues; Offers 1Q Revenue Guidance Above Consensus

SolarEdge Technologies (NASDAQ: SEDG) reported Q4 EPS of $0.85, $0.20 better than the analyst estimate of $0.65. Revenue for the quarter came in at $189.3 million versus the consensus estimate of $180.71 million.

Outlook for the First Quarter 2018

The Company also provides guidance for the first quarter ending March 31, 2018 as follows:

• Revenues to be within the range of $200 million to $210 million;
• Gross margins expected to remain flat within the range of 36% to 38%

Fourth Quarter 2017 Summary

• The Company reported record revenues of $189.3 million, up 14% from the prior quarter and up 70% year over year.
• GAAP gross margin reached 37.5%, up from 34.9% in the prior quarter and up from 35.0% year over year.
• GAAP operating expenses were $36.4 million, up 11% from the prior quarter and an increase of 52% year over year.
• GAAP operating income was $34.6 million, up 36% from $25.4 million in the prior quarter and up 128% year over year.
• GAAP net income was $19.5 million (including one-time transition tax of $18.7 million related to mandatory deemed repatriation of foreign earnings), down 30% from $28.0 million in the prior quarter and up from $9.8 million year over year.
• Non-GAAP net income was $41.2 million, up 31% from $31.5 million in the prior quarter and up from $14.7 million year over year.
• GAAP net diluted earnings per share (“EPS”) was $0.42, down from $0.61 in the prior quarter and up from $0.22 year over year.
• Non-GAAP net diluted EPS was $0.85, up from $0.66 in the prior quarter and up from $0.32 year over year.
• Cash flow from operating activities was $45.8 million, up from $33.6 million in the prior quarter and up from $24.7 million year over year.
• As of December 31, 2017, cash, cash equivalents, restricted cash and marketable securities totaled $345.1 million, compared to $304.7 million on September 30, 2017.

GUIDANCE:

SolarEdge Technologies sees Q1 2018 revenue of $200-210 million, versus the consensus of $158.43 million.

For earnings history and earnings-related data on SolarEdge Technologies (SEDG) click here.

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