Solaredge announced yoy decreasing revenue and income in Q1 2021
Post date: 04/05/2021 - 11:49
Inverter manufacturer Solaredge Technologies, Inc. reported revenues of $405.5 million in the first quarter of 2021, up 13 percent from $358.1 million in the prior quarter and down 6 percent from $431.2 million in the same quarter last year. Revenues related to the sale of solar products were $376.4 million, up 15 percent from $327.1 million in the prior quarter and down 8 percent from $407.6 million in the same period 2020.
Operating income was $44.1 million, up 206 percent from $14.4 million in the prior quarter and down 35 percent from $67.8 million in the same quarter last year. The company achieved net income of $30.1 million, compared to $42.2 million in Q1 2020. Solaredge shipped inverters with 1.69 GW (AC).
In the second quarter Solaredge expects revenues to be within the range of $445 million to $465 million, including revenues from solar products to be within the range of $405 million to $420 million.