Solaredge increased revenue by 30 percent in Q1 while income dropped by 47 percent yoy
Post date: 07/05/2019 - 15:30
Inverter manufacturer Solaredge Technologies, Inc. reported record revenues of $271.9 million in the first quarter 2019, up 3 percent from $263.7 million in the prior quarter and up 30 percent from $209.9 million in the same quarter last year. Revenues related to the solar business were $253.1 million, up 4 percent from $243.4 million in the prior quarter and up 21 percent from $209.9 million in the same quarter last year. Shipment of inverters was 1.1 GW (ac).
Net income was $19.0 million, up 47 percent from $12.9 million in the prior quarter and down 47 percent from $35.7 million year over year. »This quarter we concluded the acquisition of SMRE which provides us with an entry into the e-mobility market and we continued the integration of Kokam and the building of our UPS business,« said Guy Sella, Founder, Chairman and CEO of Solaredge. As reported, Italian SMRE Spa provides integrated powertrain technology and electronics for electric vehicles. »The acquisition of SMRE is another step in executing our strategy of sustainable growth by addressing an additional fast growing and technologically synergetic market while diversifying into new fields outside the solar arena,« stated Guy Sella in a former announcement.
In the second quarter 2019 the company targets to achieve revenues within the range of $310 million to $320 million, which include revenues from solar products to be within the range of $290 million to $300 million.