SolarEdge Stock Plunges As Sales, Outlook Fall Short Of Estimates
SolarEdge Technologies (SEDG) on Tuesday reported a narrower-than-expected loss for the fourth quarter but fell short of estimates for sales. SolarEdge stock sank as the company also offered a lighter sales forecast than anticipated.
The manufacturer of solar inverters on Tuesday posted an adjusted loss of 92 cents per share on sales of $316 million for the December quarter. On average, analysts projected that SolarEdge would post an adjusted loss of $1.34 per share on sales of $323 million, according to FactSet.
SolarEdge's sales guidance also came in much lighter than anticipated. For the current quarter, SolarEdge guided for revenue of $175 million to $215 million. Heading into the report, analysts were projecting the company would tally $374 million in sales for the March quarter, according to FactSet.
On the stock market today, SolarEdge stock was down more than 13% at 73.40 in recent after-hours action.
Slump Continues For SolarEdge
SolarEdge has been among the solar stocks hit hard over the past year by rising interest rates and weakened demand. Shares lost 67% in 2023. Late last year, SolarEdge was dropped from the S&P 500 as part of a portfolio rebalancing. In January, SolarEdge cut 900 jobs, or 16% of its workforce. For the same period a year earlier, SolarEdge posted adjusted earnings of $2.86 per share on sales of $891 million.
SolarEdge Stock Plunges As Sales, Outlook Fall Short Of Estimates
SolarEdge stock sank as the company missed revenue expectations and offered a lighter sales forecast than anticipated.
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