SolarEdge Technologies, Inc. (Hod Hasharon, Israel) on May 7th, 2015 announced its financial results for the fiscal third quarter ended March 31st, 2015, with solar PV inverters totaling 248 Megawatt (AC) shipped.
The company reports record revenues of USD 86.4 million, up 17.9% from last quarter and 182.7% year-over-year. GAAP gross margin was 27.4%, GAAP reached USD 6.0 million.
“I am happy to report record revenues of USD 86 million this quarter. This is in line with our expectations of moderate growth despite seasonality, coupled with the addition of a new sizeable customer. We expect revenue growth to continue through 2015 as originally projected,” said Guy Sella, Founder, Chairman and CEO of SolarEdge.
Energy storage solutions to be brought to market toward the end of 2015
“Our increased manufacturing capacity allowed us to reduce air shipments and combined with our planned cost reduction activities, increased our gross margin. The result of these two factors drove non-GAAP net profit to USD 8.7 million for the quarter, our third consecutive profitable quarter. We continued to see strong growth in the United States and Europe both in the residential and commercial markets. In the past quarter, we continued development of energy storage solutions which we expect to bring to market toward the end of 2015.”
GAAP gross margin was 27.4% up from 21.5% in the prior quarter and up from 20.4% in the third fiscal quarter of 2014. This growth was driven mainly by cost reduction measures, reduction in the portion of air shipments compared to ocean freight and economies of scale related to the increased production volumes, the company notes.
The Company also provides guidance for the fourth fiscal quarter of 2015 including revenues to be within the range of USD 92 million to USD 96 million, and Gross margins to be within the range of 26% to 28%.
2015-05-08 | Courtesy: SolarEdge Technologies | solarserver.com © Heindl Server GmbH
Our editorial selection of breaking solar news is published at:
http://ift.tt/ZHkRw7
from RSS Solar News http://ift.tt/1H5iCWU
No comments:
Post a Comment