SolarEdge Technologies, Inc. (SEDG) - Get SolarEdge Technologies, Inc. Report shares were active in after-hours trading Monday after the solar power equipment maker reported better-than-expected second-quarter results.
The company posted non-GAAP earnings per share of $1.28 on revenue of $480.1 million for the latest period.
In the same period a year ago, it reported earnings of 70 cents a share on sales of $331.9 million.
The company had been expected to report earnings of 89 cents a share, on sales of $455.9 million, based on a FactSet survey of 24 analysts.
"We are happy to finish the second quarter of 2021 with record revenues in both our solar and non-solar businesses and with continued strong demand for our products in the various geographies and across the different segments," said Zvi Lando, CEO, in a statement. "We are successfully navigating through the challenging supply chain environment while continuing to support our customers’ growth and expansion with new and existing products."
The company forecasted third-quarter revenues will be in the range of $520 million to $540 million
Shares of SolarEdge rose $28.78, or 11.2%, to $286.50 in after-hours trading.
The stock has traded flat since the company last reported earnings on May 3.
Susquehanna Financial analyst Biju Perincheril upgraded the stock to positive from neutral and raised his price target to $120 from $89.
First Solar, which reported its results Thursday, saw its shares rise $2.23, or 2.59%, to $88.27 in the regular session. Shares edged higher in after-hours trading.