SolarEdge (SEDG) smashed first-quarter profit expectations late Wednesday and easily beat revenue forecasts. SEDG stock surged.
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During the March quarter, SolarEdge pulled in adjusted earnings of $2.35 per share on $943.9 million in sales. Earnings nearly quadrupled on a year-over-year basis and topped forecasts for $1.94 a share, according to FactSet. Sales surged 44% and came in ahead of calls for $933 million.
The company noted strong solar revenues from Germany, Austria, Switzerland, France, South Africa and Australia. It also shipped a record of more than 3.6 gigawatts of inverters.
For the second quarter, Solar Edge predicted $970 million to $1.01 billion in sales. SEDG stock analysts were forecasting adjusted earnings of $2.12 per share and $990 million in sales.
In after-hours trading on the stock market today, SEDG stock surged 8.4% near 286. Shares are consolidating with a buy point at 345.90, according to MarketSmith.com.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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