February 20 (Renewables Now) - Photovoltaic (PV) inverters supplier SolarEdge Technologies Inc (NASDAQ:SEDG) on Wednesday said its net profit increased 14% in 2019 as revenues jumped 52%, mainly thanks to its solar business.
The Israel-based company booked a GAAP net income of USD 146.5 million (EUR 135.7m) for the year, while total revenues reached USD 1.43 billion.
The strong full-year results followed record revenues of USD 418.2 million and record GAAP net income of USD 52.8 million in the final quarter. Revenues related to the solar business accounted for USD 389 million in the period, up 60% on the year.
“This year, we continued to expand our solar business and also made significant investments in our acquired businesses that open new opportunities for us to expand our product offerings into adjacent segments and leverage our highly talented technological teams to become leaders in those markets," CEO Zvi Lando commented.
|Amounts in USD million||2019||2018|
|GAAP gross margin (%)||33.6%||34.1%|
|Non GAAP gross margin (%)||34.9%||34.6%|
|GAAP operating profit||189.9||139.4|
|Non-GAAP operating profit||276.8||174.3|
|GAAP net profit||146.5||128.8|
|Non-GAAP net profit||233.2||157.3|
|Cash flow from operating activities||259||189.1|
PV inverter shipments in 2019 amounted to 5.6 GW.
For the first quarter of 2020, the company expects revenues between USD 425 million and USD 440 million, including between USD 405 million and USD 415 million from solar products. SolarEdge also forecasts gross margin in the 32%-34% range, with gross margin from the sale of solar products of 33%-35%.
(USD 1.0 = EUR 0.926)