Shares of SolarEdge Technologies (SEDG) - Get SolarEdge Technologies, Inc. Report fell in after-hours trading Monday, after the solar panel maker reported weaker-than-expected profit for the first quarter.
Net income registered $30.08 million, or 55 cents a share, down from $42.25 million, or 81 cents a share, a year ago. The FactSet analyst consensus called for 66 cents a share in the latest quarter.
Adjusted profit totaled 98 cents a share, up from 95 cents but lagging analysts’ estimate of $1.01.
Revenue beat expectations, totaling $405.49 million in the latest quarter, down 6% from $431.22 million last year. The analyst consensus called for $395.4 million in the latest quarter.
SolarEdge recently traded at $255.55, down 1.73%, and has fallen3% over the past six months on valuation concerns.
The company’s executives expressed satisfaction with the first-quarter results. They “represent continued growth in our solar business across geographies and segments,” said Chief Executive Zvi Lando.
“We are particularly pleased with our operational performance this quarter, which will enable us to meet the continued increase in demand for our residential and commercial products worldwide.
“This quarter, we also began delivering full powertrain kits for the e-Mobility sector in Europe in line with our growth strategy beyond solar.”
In March, SolarEdge was upgraded to positive from neutral at Susquehanna. Its analyst Biju Perincheril acted on an outlook for buoyant growth in the residential sector and the correction of the sector in prior weeks.
But three days before that, SolarEdge shares fell, after California’s three biggest utilities proposed changes in the state’s solar program.