SolarEdge (SEDG) Q3 2021 earnings

A Solarpro worker installs a SolarEdge Applied sciences Inc. inverter at a residential property in Sydney, Australia, on Monday, Might 17, 2021.

Brendon Thorne | Bloomberg | Getty Photographs

Shares of SolarEdge slipped as a lot as 8% throughout prolonged buying and selling on Tuesday following the corporate’s third-quarter earnings results. SolarEdge posted document income for the interval, however the quantity fell wanting expectations and despatched the inventory tumbling.

The corporate makes specialised inverters — sometimes called the brains of a photo voltaic system – which are related to every photo voltaic module, which will increase the system’s vitality output.

This is how the corporate did versus analysts’ expectations, as compiled by Refinitiv:

  • Earnings: $1.45 per share, adjusted
  • Income: $526 million vs $528 million anticipated

Wall Avenue analysts had been anticipating the corporate to earn $1.36 per share. It was not instantly clear whether or not the reported quantity is similar to estimates.

The third-quarter outcomes evaluate with adjusted EPS of $1.28 per share on income of $480 million in Q2, and $1.21 on income of $338 million within the year-ago quarter.

Income from the corporate’s photo voltaic section jumped 11% quarter over quarter to $476.8 million, and was up 53% 12 months over 12 months.

SolarEdge stated it expects fourth-quarter income to be between $530 million and $560 million. Wall Avenue analysts had been in search of $554 million, in accordance with estimates compiled by StreetAccount.

The corporate continues to be hit by provide chain bottlenecks, and stated it exited the newest quarter with a “document backlog” for the fourth quarter of 2021 and into the primary quarter of subsequent 12 months. The feedback come after administration stated in the course of the second quarter convention name that some provide chain pressures had began to ease.

“We’re happy with our document revenues within the third quarter amid the unprecedented international logistics and provide chain challenges,” CEO Zvi Lando stated in an announcement following SolarEdge’s third-quarter outcomes. He added {that a} manufacturing facility in Vietnam was shut for 12 weeks in the course of the interval as a result of Covid-related points.

SolarEdge’s confronted greater prices amid the availability chain disaster, however opted to not cross these alongside to prospects within the type of mountain climbing costs.

That is in distinction to competitor Enphase Energy, which final week stated it raised costs in the course of the latest quarter, and plans to lift costs once more in the course of the present quarter. The 2 corporations primarily maintain a duopoly within the U.S. residential inverter market.

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