Israel-based photovoltaic (PV) inverter maker SolarEdge Technologies Inc (NASDAQ:SEDG) on Wednesday reported record revenues of USD 166.6 million (EUR 143.2m) for the third quarter of 2017.
This represents quarter-on-quarter and year-on-year growth of 22% and 30%, respectively.
The company derived 51% of its revenues in the quarter from outside the US as a result of its continued investment in global sales, said chairman and chief executive Guy Sella. It shipped 676 MW alternating current (AC) of inverters in the period.
|Power optimizers shipped
Profitability and cash flow generation were also at record levels in the quarter, the company said. Cash flow from operating activities was USD 33.6 million. GAAP gross margin improved to 34.9% from 34.6% in the preceding quarter and 32.6% a year back.
More details of the company's performance are in the table below.
|in USD million
|GAAP operating profit
|GAAP net profit
|Non-GAAP net profit
"We continue to generate increasing cash flow from operations which enhances our financial strength and allows us to continue to invest in new products and development of new markets," Sella said.
In the fourth quarter, SolarEdge expects to generate revenues of USD 175 million to USD 185 million and achieve a gross margin in the range of 33% to 35%.
(USD 1 = EUR 0.860)
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