SolarEdge Technologies, Inc. announced its financial results for the second quarter 2017 ended June 30, 2017.
Second Quarter 2017 Highlights
- Record revenues for the quarter of $136.1 million
- GAAP gross margin for the quarter of 34.6%
- GAAP operating income for the quarter of $19.1 million
- GAAP net income for the quarter of $22.5 million
- Non-GAAP net income for the quarter of $25.8 million
- GAAP net diluted earnings per share for the quarter of $0.50
- Non-GAAP net diluted earnings per share for the quarter of $0.55
- Cash flow from operating activities of $31.6 million
- 563MW (AC) of inverters shipped for the quarter
"The second quarter of 2017 was a record quarter for us with record revenues, record non-GAAP profitability and record cash generation," said Guy Sella, Founder, Chairman and CEO of SolarEdge. "Our sales in markets outside of the United States continued to grow this quarter further strengthening our diversified revenue base. Our continued cost reduction led by the HD-wave roll out allowed us to further increase profitability and cash flow generation. This quarter we also unveiled the next generation power optimizer, large capacity commercial inverter and announced the launch of the first PV inverter-integrated EV (electric vehicle) charger demonstrating our continued innovation and technological leadership."
Quarter Ended June 30, 2017 Summary
The Company reported record revenues of $136.1 million, up 18% from the prior quarter and up 9% year over year.
GAAP gross margin reached 34.6%, up from 33.6% in the prior quarter and up from 31.4% year over year.
GAAP operating expenses were $28.0 million, an increase of 5% from the prior quarter and 32% year over year.
GAAP operating income was $19.1 million, up 59% from $12.0 million in the prior quarter and up from $17.9 million year over year.
GAAP net income was $22.5 million, up 59% from $14.2 million in the prior quarter and up from $17.3 million year over year.
Record non-GAAP net income was $25.8 million, up 57% from $16.5 million in the prior quarter and up from $19.9 million year over year.
GAAP net diluted earnings per shares (“EPS”) was $0.50, up from $0.32 in the prior quarter and up from $0.39 year over year.
Non-GAAP net diluted EPS was $0.55, up from $0.36 in the prior quarter and up from $0.44 year over year.
As of June 30, 2017, cash, cash equivalents, restricted cash and marketable securities totaled $274.7 million, compared to $247.6 million on March 31, 2017.
Outlook for the Quarter Ending September 30, 2017
The Company also provides guidance for the quarter ending September 30, 2017 as follows:
- Revenues to be within the range of $155 million to $165 million;
- Gross margins to be within the range of 33% to 35%.