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SolarEdge: Q1 Earnings Snapshot

May 3, 2021 GMT

HERZILIYA PITUACH, Israel (AP) _ SolarEdge Technologies Inc. (SEDG) on Monday reported first-quarter net income of $30.1 million.

The Herziliya Pituach, Israel-based company said it had net income of 55 cents per share. Earnings, adjusted for one-time gains and costs, were 98 cents per share.

The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share.

The photovoltaic products maker posted revenue of $405.5 million in the period, exceeding Street forecasts. Seven analysts surveyed by Zacks expected $396.1 million.

For the current quarter ending in July, SolarEdge said it expects revenue in the range of $445 million to $465 million.

SolarEdge shares have fallen 19% since the beginning of the year. In the final minutes of trading on Monday, shares hit $260.06, more than doubling in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SEDG at https://www.zacks.com/ap/SEDG