November 10 (SeeNews) - Israel-based inverter maker SolarEdge Technologies Inc (NASDAQ:SEDG) reported a net profit of USD 15.6 million (EUR 14.2m) on revenues of USD 128.5 million for the first quarter of its fiscal 2016/17.
July-September profitability improved year-on-year. The company said the solar market is facing new challenges and guided for revenues of USD 110 million-120 million and gross margins of 30%-32% in October-December. This is slightly below the results achieved in the first fiscal quarter.
SolarEdge founder and head Guy Sella said the company is focused on maintaining and expanding its market share by adjusting plans to the changing environment and investing further in research and development. These efforts will go hand in hand with “diligent cost reduction” and geographic diversification.
Details on the company’s quarterly performance are available in the table.
|Results in USD million||July-Sept 2016||April-June 2016||July-Sept 2015|
|GAAP net income||15.6||17.3||14.4|
|Non-GAAP net income||20.9||19.9||16.3|
|GAAP net diluted EPS (in USD)||0.35||0.39||0.32|
|Non-GAAP net diluted EPS
|GAAP operating income||18.2||17.9||14.9|
|GAAP gross margin (in %)||32.6||31.4||29.1|
As of end-September SolarEdge had cash, cash equivalents, restricted cash and marketable securities of USD 206.7 million and zero debt.
(USD 1 = EUR 0.91)