The share price of Israeli solar energy company SolarEdge Technologies Inc. (Nasdaq: SEDG) is soaring on Wall Street after the company reported strong fourth quarter and full year 2019 results. SolarEdge's share price rose 17.94% yesterday to $127.94, giving a market cap of $6.213 billion, and is up a further 3.82% in pre-market trading.
The company beat the analysts' expectations, reporting record revenue of $418.2 million in the fourth quarter, up 2% from $410.6 million in the preceding quarter and up 59% from $263.7 million in the corresponding quarter of 2018.
GAAP net profit in the fourth quarter was $52.8 million, up 27% from $41.6 million in the preceding quarter quarter and up 308% from $12.9 million in the corresponding quarter of 2018. Non-GAAP net profit was $87.4 million, up 37% from $63.6 million in the preceding quarter and up 178% from $31.5 million in the corresponding quarter of 2018. GAAP earnings per share (EPS) was $1.03, up from $0.81 in the prior quarter and up from $0.27 in the corresponding quarter of 2018. Non-GAAP EPS was $1.65, up from $1.21 in the prior quarter and up from $0.63 in the corresponding quarter of 2018.
Total revenues in 2019 was $1.43 billion, up 52% from $937 million in 2018. GAAP net profit was $146.5 million, up 14% from $128.8 million in 2018. Non-GAAP net profit was $233.2 million in 2019, up 48% from $157.3 million in 2018. GAAP EPS was $2.90, up from $2.69 in 2018 and non-GAAP EPS was $4.44, up from $3.17 in 2018.
In the first quarter of 2020, SolarEdge sees revenue within the range of $425 million to $440 million.
Published by Globes, Israel business news - en.globes.co.il - on February 20, 2020
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