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SolarEdge books higher non-GAAP net income in Q2'19

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SolarEdge books higher non-GAAP net income in Q2'19

SolarEdge Technologies Inc. on Aug. 6 posted second-quarter 2019 non-GAAP net income of $49.3 million, or 94 cents per diluted share, up from $40.6 million, or 82 cents per diluted share, in the same quarter of 2018.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 83 cents.

On a GAAP basis, the company recorded net income attributable to the company of $33.1 million, or 66 cents per diluted share, compared to $34.6 million, or 72 cents per share.

The S&P Global Market Intelligence consensus GAAP EPS estimate was 69 cents.

Revenue for the quarter totaled $325.0 million, up from $227.1 million a year ago.

The company shipped 1,300 MW AC of inverters in the second quarter.

For the third quarter of 2019, SolarEdge is expecting revenues to be within the range of $395 million to $410 million and gross margin within the range of 32% to 34%.