SolarEdge surges as Q2 revenues hit record, Q3 guidance raised

|About: SolarEdge Technologies, Inc. (SEDG)|By:, SA News Editor

SolarEdge (NASDAQ:SEDG) +16.6% after-hours following an easy Q2 earnings beat and a 43% Y/Y rise in revenues to a quarterly record $325M, and issuing upside Q3 guidance.

SEDG says Q2 non-GAAP gross margin for its solar business was 36.9%, up from 34.3% in the prior quarter.

Q2 revenues related to the solar business totaled a company record $306.7M, up 21% Q/Q and up 35% Y/Y.

SEDG shipped 1.3 GW of inverters during the quarter.

For Q3, SEDG forecasts revenues of $395M-$410M, far above $324.5M analyst consensus estimate, with revenues from solar products of $375M-$390M; gross margin from the sale of solar products is expected at 33%-35%.

"We see strong customer demand for our products worldwide and we are building the needed capacity both in China and outside of China to meet the needs of our customers," the company says.

Other solar related names are indicated higher after-hours: CSIQ +2%, SPWR +1.9%, RUN +1.8%, FSLR +1.7%, ENPH +1.3%.

ETF: TAN

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