November 2 (Solar) – Photovoltaic (PV) inverters supplier SolarEdge Technologies Inc (NASDAQ:SEDG) saw its third-quarter (Q3) GAAP net profit surge by 63% on the year to USD 45.6 million (EUR 39.9m).
CEO Guy Sella noted that the company has continued to grow both its revenues, which reached a record amount, and market share during the period.
“We shipped 1.1 GW of systems and delivered over three million power optimisers, with record high shipments of commercial products,” said Sella, who is also SolarEdge’s founder and chairman.
The following table gives more details about the company’s financial performance.
|Figures in USD (except percentages)||Q3 2018||Q2 2018||Q3 2017|
|GAAP gross margin (%)||33||36.1||34.9|
|GAAP operating profit||34m||40.7m||25.4m|
|GAAP net profit||45.6m||34.6m||28m|
|Non-GAAP net profit||42.7m||40.6m||31.5m|
|Cash flow from operating activities||34.3m||43.9m||33.7m|
For the fourth quarter of the year, SolarEdge forecasts revenues of between USD 245 million and USD 255 million, GAAP gross margins within the range of 30%-32% and non-GAAP gross margins ranging from 32% to 34%.
(USD 1.0 = EUR 0.874)