SolarEdge Technologies, Inc. (SEDG) has reported 8.20 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $15.62 million, or $0.35 a share in the quarter, compared with $14.43 million, or $0.32 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $20.90 million, or $0.46 a share compared with $16.26 million or $0.36 a share, a year ago.
Revenue during the quarter grew 11.67 percent to $128.48 million from $115.05 million in the previous year period. Gross margin for the quarter expanded 345 basis points over the previous year period to 32.59 percent. Total expenses were 85.80 percent of quarterly revenues, down from 87.07 percent for the same period last year. This has led to an improvement of 127 basis points in operating margin to 14.20 percent.
Operating income for the quarter was $18.24 million, compared with $14.87 million in the previous year period.
However, the adjusted operating income for the quarter stood at $21.34 million compared to $16.71 million in the prior year period. At the same time, adjusted operating margin improved 209 basis points in the quarter to 16.61 percent from 14.52 percent in the last year period.
"The solar market is facing challenging times. Despite this, our financial parameters continue to be strong and we are confident in our strategy. We are focused on maintaining and growing our market share by adjusting our plans to the changing environment and continuing to invest in R&D for new innovative products and diligent cost reduction, while improving operational efficiency and increasing geographic diversification," said Guy Sella, Founder, chairman and chief executive officer of SolarEdge.
For the second-quarter 2017, SolarEdge Technologies, Inc. projects revenue to be in the range of $110 million to $120 million.
Operating cash flow improves significantly
SolarEdge Technologies, Inc. has generated cash of $24.37 million from operating activities during the quarter, up 309.84 percent or $18.42 million, when compared with the last year period.
The company has spent $8.49 million cash to meet investing activities during the quarter as against cash outgo of $3.97 million in the last year period.
Cash flow from financing activities was $0.27 million for the quarter, up 1,505.88 percent or $0.26 million, when compared with the last year period.
Cash and cash equivalents stood at $90.01 million as on Sep. 30, 2016, down 38.65 percent or $56.72 million from $146.73 million on Sep. 30, 2015.
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