August 3 (Renewables Now) - Photovoltaic (PV) inverter supplier SolarEdge Technologies Inc (NASDAQ:SEDG) on Thursday posted record second-quarter (Q2) revenues and improved profits, with gross margin reaching 36.1%.
“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,” said chief executive, chairman and founder Guy Sella. He added that the Israel-based company will rely on its “innovative technology and financial strength” to enhance its mid- and long-term profitability and will also gain from the planned acquisition of Israeli Uninterruptible Power Supply (UPS) electrical devices maker Gamatronic Electronic Industries Ltd (TLV:GAMT), announced in May.
SolarEdge closed the April-June quarter with a net profit of USD 34.6 million (EUR 29.9m), rising 53% in annual terms, as revenues jumped by 67% to the record USD 227.1 million. On a non-GAAP basis, net profit rose by 57% to USD 40.6 million.
Gross margin improved to 36.1% from 34.6% in the second quarter of 2017 but fell sequentially from 37.9%. During the three-month period, the firm shipped 985 MW of inverters.
For the third quarter, SolarEdge guided for revenues of USD 230 million-240 million and gross margin of between 36% and 38%.
(USD 1.0 = EUR 0.863)