SolarEdge Technologies (NASDAQ:SEDG) news for Tuesday concerning its earnings report for the third quarter of 2020 have SEDG stock taking a beating. That’s despite its adjusted earnings per share of $1.21 beating out Wall Street’s estimate of 74 cents. Unfortunately, its revenue of $338.1 million couldn’t reach analysts’ estimates of $343 million.
Here’s what else is worth noting about the SolarEdge Technologies earnings news.
- Adjusted per-share earnings are up 24.7% from 97 cents during the same period of the year prior.
- Revenue for the quarter comes in 18% lower than the $410.6 million reported in the third quarter of 2019.
- Operating income of $30.39 million is a 54% drop year-over-year from $66.02 million.
- The SolarEdge Technologies earnings report also has net income coming in at $43.75 million.
- That’s a 4.9% increase compared to its net income of $41.72 million reported during the same time last year.
Zivi Lando, CEO of SolarEdge Technologies, said the following about the earnings news.
“Our third quarter results reflect significant growth in Europe, despite the current economic slowdown caused by the global pandemic. Our solar business outside the U.S. reached an all-time high and the U.S. market is showing signs of return to pre-pandemic installation levels.”
The SolarEdge Technologies earnings news also includes guidance for Q4 2020. This has it expecting revenue for the quarter to range from $345 million to $365 million. Wall Street is estimating revenue of $389.57 million for the period.
SEDG stock was down 23.8% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.