SolarEdge reduces forecast due to decline in demand in Europe
Post date: 20/10/2023 - 08:57
Israeli inverter and power electronics provider Solaredge Technologies, Inc. has released preliminary figures for the third quarter of 2023, and in doing so also revised its previous forecast downward. The company cited »substantial unexpected cancellations and pushouts of existing backlog from our European distributors« in the second half of the third quarter as the main reason. It attributed this to »higher than expected inventory in the channels and slower than expected installation rates.« Especially at the end of the summer and in September, when installation numbers normally pick up, things have been »much slower« this year.
For the third quarter, SolarEdge now expects revenue of $720 million to $730 million, down from previous expectations of $880 million to $920 million. For operating profit, the company forecasts (non-GAAP) $12 million to $31 million, down from $115 million to $135 million.