Solaredge (+ 1.96% 255.31) significantly exceeded analysts’ forecasts, as well as the forecasts it provided to the market regarding its revenues in the first quarter of 2022, under the auspices of a surge in energy prices in the wake of the Ukraine war. However, the company missed earnings per share forecasts, due to the component crisis and the jump in transportation costs. Solaredge released a second-quarter revenue forecast for 2022 that was higher than market forecasts, and its stock responded with a 2% increase in late trading.
Solaredge, managed by Zvi Landau, earned $ 33 million, which is 60 cents a share in the first quarter of 2022 based on US GAAP. Solaredge earned $ 69 million, which is $ 1.20 per share in the first quarter of 2022 based on Non GAAP, that is, after deducting expenses related to the allocation of options to managers and employees and the reduction of intangible assets, is 7 cents per share lower than the average of analysts’ forecasts.
Solaredge develops and manufactures direct current converters produced by solar panels for alternating current of the power grid, and also manufactures systems for extracting power from solar panels; Systems for remote monitoring of solar panel performance; Uninterruptible power supplies; Propulsion systems for electric vehicles and lithium-ion batteries.
Solaredge’s revenue grew 19% in the first quarter of 2022 compared to the fourth quarter of 2021, and 62% compared to the same quarter in 2021, reaching a record high of $ 655 million – higher than the analysts’ average revenue forecast of $ 636 million in the last quarter, And $ 10 million higher than the upper end of the revenue forecast ($ 645-615 million) provided by the company for the first quarter of 2022. Solaredge’s revenue in the solar field increased by 21% in the first quarter of 2022 compared to the fourth quarter of 2021 and by 62% compared to For the first quarter of 2021, and totaled $ 608 million – $ 13 million higher than the upper end of the revenue forecast for the solar sector that the company provided ($ 595-575 million) for the past quarter.