SolarEdge smashed first-quarter profit expectations and easily beat sales forecasts, and SEDG stock surged Thursday.
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.
On the stock market today, SEDG stock jumped 6.6%, closing at 281.22. Shares briefly overtook their 50-day line on the earnings release and are trading near their 200-day moving average, according to MarketSmith.com.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
