Aug 3 (Renewables Now) - Israel-based photovoltaic (PV) inverter maker SolarEdge Technologies Inc (NASDAQ:SEDG) booked a 30% year-on-year rise in GAAP net profit for the second quarter of 2017 to USD 22.5 million (EUR 19m), fuelled by an increase in sales.
Net profit improved by 59% quarter-on-quarter, the company said on Wednesday.
SolarEdge shipped 563 MW of PV inverters in the first quarter, generating revenues of USD 136.1 million, up from USD 124.8 million a year earlier.
“Our sales in markets outside of the United States continued to grow this quarter further strengthening our diversified revenue base,” said SolarEdge founder, chairman and CEO Guy Sella. He noted that in the three months the company focused on the implementation of a cost reduction plan and the introduction of new products to the photovoltaic (PV) market.
The table below shows key financial figures for the April-June quarter.
|in USD||Q2 2017||Q1 2017||Q2 2016|
|Revenue||136.1 million||115.1 million||124.8 million|
|GAAP net profit||22.5 million||14.2 million||17.3 million|
|GAAP earnings per share||0.50||0.32||0.39|
|Non-GAAP net profit||25.8 million||16.5 million||19.9 million|
|Non-GAAP earnings per share||0.55||0.36||0.44|
|Operating profit||19.1 million||12 million||17.9 million|
|Operating expenses||28 million||26.7 million||21.2 million|
Looking ahead, SolarEdge guided for third-quarter revenues of between USD 155 million and USD 165 million and gross margins of 33% to 35%.
SolarEdge closed the first half of 2017 with a net profit of USD 36.7 million, down from USD 38.1 million a year back, on revenues of USD 251.2 million, rising from USD 250 million a year before. At the end of June, the company had USD 274.7 million of cash, cash equivalents, restricted cash and marketable securities.
(USD 1.0 = EUR 0.844)