SolarEdge Technologies, Inc. announced its financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Highlights
- Total revenues of $209.9 million
- GAAP gross margin of 37.9%
- GAAP net diluted EPS of $0.75
- Non-GAAP net diluted EPS of $0.87
- 800MW(AC) of inverters shipped
"We are pleased to announce strong first quarter results with record revenues and record profitability, despite the traditional seasonal slowdown and continued industry wide components shortages," said Guy Sella, Founder, Chairman and CEO of SolarEdge. "Our continued technological innovation and operational excellence, coupled with our introduction of new products and financial strength positions us for further growth and industry leadership."
First Quarter 2018 Summary
The Company reported record revenues of $209.9 million, up 11% from $189.3 million in the prior quarter and up 82% from $115.1 million year over year.
GAAP gross margin reached 37.9%, up from 37.5%, in the prior quarter and up from 33.6% year over year.
GAAP operating expenses was $38.8 million, up 7% from $36.4 million in the prior quarter and up 45% from $26.7 million year over year.
GAAP operating income was $40.8 million, up 18% from $34.6 million in the prior quarter and up 240% from $12.0 million year over year.
GAAP net income was $35.7 million, up 83% from $19.5 million in the prior quarter and up 152% from $14.2 million year over year.
Non-GAAP net income was $42.6 million, up 3% from $41.2 million in the prior quarter and up 159% from $16.5 million year over year.
GAAP net diluted earnings per share ("EPS") was $0.75, up from $0.42 in the prior quarter and up from $0.32 year over year.
Non-GAAP net diluted EPS was $0.87, up from $0.85 in the prior quarter and up from $0.36 year over year.
Cash flow from operating activities was $64.0 million, up from $45.8 million in the prior quarter and up from $25.7 million year over year.
As of March 31, 2018, cash, cash equivalents, restricted cash and marketable securities totaled $400.8 million, compared to $345.1 million on December 31, 2017.
Outlook for the Second Quarter 2018
The Company also provides guidance for the second quarter ending June 30, 2018 as follows:
Revenues to be within the range of $220 million to $230 million;
Gross margins expected to remain flat within the range of 36% to 38%.