Israeli solar energy company SolarEdge Technologies (Nasdaq: SEDG) has reported strong results for 2022 but disappointing guidance for the first quarter of 2023. SolarEdge's share price has risen 25% over the past year but the share price is currently down 1.20% at $306.98, giving a market cap of $17.159 billion. SolarEdge is Israel's second most valuable company after Mobileye Global Inc. (Nasdaq: MBLY).
SolarEdge develops and sells solar inverters for photovoltaic arrays, energy generation monitoring software, battery energy storage products, as well as other related products and services to residential, commercial and industrial customers.
In the fourth quarter of 2022, SolarEdge reported revenue of $891 million, up 61% from the corresponding quarter of 2021. Revenue in 2022 was $3.1 billion, up 63% from 2021.
GAAP net profit for the fourth quarter of 2022 was $20.8 million, down from $41 million in the corresponding quarter of 2021. Non-GAAP net profit in the fourth quarter was $172 million, up 217% from the corresponding quarter of 2021. Non-GAAP earnings per share was $2.86, up from $1.10 in the corresponding quarter while GAAP earnings per share was $0.36, down from $0.74 in the corresponding quarter of 2021.
SolarEdge sees revenue of $915-945 million in the first quarter of 2023, up 40%-44% from the first quarter of 2022. The company sees non-GAAP gross margin expected to be within the range of 28% to 31% and non-GAAP operating profit to be within the range of $150 million to $170 million.
SolarEdge CEO Zvi Lando said, "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. 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."
Published by Globes, Israel business news - en.globes.co.il - on February 14, 2023.
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