SolarEdge Q2 Net Income Jumps 53% YOY

SolarEdge reported record revenues of $227.1 million, up 8% from $209.9 million in the prior quarter and up 67% from $136.1 million year over year.

SolarEdge Technologies, a global leader in smart energy, revealed net income at USD34.6 million, down 3 percent from USD35.7 million in the prior quarter and up 53 percent from USD22.5 million year over year.

Significantly, the company reported record revenues of USD227.1 million, up 8 percent from USD209.9 million in the prior quarter and up 67 percent from USD136.1 million year over year.

Founder, Chairman and CEO, SolarEdge, Guy Sella said, “We ended the second quarter of 2018 with record revenues, stable operating income and continued strong cash generation while expanding our activities on all fronts. This continued growth in the solar market coupled with the announced acquisition of Gamatronic that paves our way into the UPS market allows us to continue and expand our mid and long term profitability leveraging on our innovative technology and financial strength.”

Moreover,  operating income was USD40.7 million, unchanged from USD40.8 million in the previous quarter and up 113 percent from USD19.1 million from the previous year. Whereas, net income was USD34.6 million, down 3 percent from USD35.7 million in the previous quarter and up 53 percent from USD22.5 million over the previous year.

About the earnings per share, net diluted earnings per share (“EPS”) was USD0.72, down from USD0.75 in the prior quarter and up from USD0.50 over the previous year.

Providing details over the outlook of the 3^rd quarter of 2018, revenues are expected to be within the range of USD230 million to USD240 million. Plus, gross margins are expected to remain flat within the range of 36 percent to 38 percent.

SolarEdge Technologies is a global provider of smart energy solutions with an upper hand in the field of Solar energy.