Israeli photovoltaics company SolarEdge Technologies Inc. (Nasdaq: SEDG) saw its share price jump 12% in after-hours trading on Wall Street after reporting strong second quarter results. The share price rose to $194, giving a market cap of $9.6 billion. The company's share price and market cap have doubled over the past seven months.
SolarEdge provides power optimizers, solar inverters and monitoring systems for photovoltaic solar energy arrays. SolarEdge is now the fifth most valuable Israeli company traded on Wall Street after Check Point Software Technologies Ltd. (Nasdaq: CHKP), Wix.com Ltd. (Nasdaq: WIX), Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) and NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE).
In the second quarter of 2020, SolarEdge reported revenue of $332 million, close to the upper threshold of its guidance, and a relatively modest rise of 2.1% from the corresponding quarter of 2019. First quarter revenue had fallen due to the Covid-19 crisis.
GAAP net profit was $36.7 million ($0.70 per share) up from $33.1 million in the corresponding quarter of 2019. Non-GAAP net profit was $52.1 million ($0.97 per share) up 5.9% from the corresponding quarter of 2019.
SolarEdge sees revenue of $325-350 million in the third quarter, down from $411 million in the third quarter of 2019. Non-GAAP Gross margin is expected to be within the range of 32% to 34%.
"This quarter, despite the challenges caused by COVID 19, we maintained healthy profitability while generating cash from operating activity," said Zivi Lando, CEO of SolarEdge. "Our global strength, and in particular our loyal customer base in the Netherlands, Germany, Italy and Australia, softened the decline in U.S. demand this past quarter. While the pandemic has created many operational challenges, I am confident in our financial strength and grateful for the trust of our customers and dedication of our employees which enable us to continue to focus on product innovation and execution of our long term plans even in these challenging times."
Published by Globes, Israel business news - en.globes.co.il - on August 4, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020