SolarEdge Q4 Revenue Jumps 39% to $263.7 Mn

However, the company’s net income dropped 34% in Q4 at USD 12.9 million, from USD 19.5 million in the same period a year ago.

Israel-based inverter solutions provider SolarEdge Technologies has reported a significant growth of 39 percent in its total revenue at USD 263.7 million during the fourth quarter of FY 2018, as against USD 189.3 million in October-December quarter last year.

However, the company’s net income dropped 34% in Q4 at USD 12.9 million, from USD 19.5 million in the same period a year ago.

Moreover, it’s net diluted earnings per share (or EPS) during the quarter slipped to USD 0.27, as compared to USD 0.42 during the same quarter of FY17.

Commenting on the company’s performance, SolarEdge Technologies, Founder, Chairman and CEO, Guy Sella said, “We are happy to report another record revenue quarter and a very strong year in which we continued to take market share,” said Guy Sella, Founder, Chairman and CEO, SolarEdge.”

“In addition to the growth and strong profitability of our solar business, this quarter we continued to lay the foundations for our non-solar future growth with the acquisition of Kokam, a leading provider of lithium-ion batteries and the post quarter acquisition of a majority holding of S.M.R.E, a provider of innovative integrated powertrain technology and electronics for the e-mobility market,” Sella added.

During the Oct-Dec quarter of FY18, SolarEdge’s gross margin shrank to 30.2 percent, from 37.5 percent during the same quarter last year.

Further, its operating income in Q4 stood at USD 24.4 million, down 29 percent, from USD 34.6 million y-o-year.

On Q1 FY19 outlook, the company projected its revenues to be within the range of USD 260 million to USD 270 million; gross margins to be within the range of 30 per cent to 32 per cent; revenues from solar products to be within the range of USD 245 million to USD 255 million; and gross margins from sale of solar products expected to be within the range of 32 per cent to 34 per cent.