SolarEdge reported fourth-quarter results late Monday that crushed earnings and beat on revenue. But SEDG stock dropped on the news.
The maker of solar components reported adjusted earnings of $2.86 a share on revenue of $890 million. Analysts expected SolarEdge to report earnings of $1.54 a share on revenue of $880 million. The company reported earnings of $1.10 a share a year ago. Revenue jumped 58% from the year-ago period.
SEDG stock dropped 2.3% to $303.50 during after-hours trading on the stock market today.
Revenue from the solar segment was a record $837 million, up 66% from the year-ago period, the company said.
"The global economic and geopolitical events coupled with post-pandemic dynamics created an unprecedented demand for solar energy in general, and our products in particular," Chief Executive Zvi Lando said in a written statement with the news release.
Israel-based SolarEdge is a leading provider of inverters and power optimizers for solar power systems. Inverters convert direct current produced by solar panels into alternating current. Also, the company is transitioning to supplying home energy systems.
SEDG stock was up nearly 10% thus far for 2023 through Monday's close.
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