A Solarpro worker installs a SolarEdge Technologies Inc. inverter at a residential property in Sydney, Australia, on Monday, May 17, 2021.

Brendon Thorne | Bloomberg | Getty Images

Shares of SolarEdge slipped as a lot as 8% throughout prolonged buying and selling on Tuesday following the corporate’s third-quarter earnings outcomes. SolarEdge posted file income for the interval, however the quantity fell in need of expectations and despatched the inventory tumbling.

The firm makes specialised inverters — sometimes called the brains of a photo voltaic system – which are related to every photo voltaic module, which will increase the system’s vitality output.

Here’s how the corporate did versus analysts’ expectations, as compiled by Refinitiv:

  • Earnings: $1.45 per share, adjusted
  • Revenue: $526 million vs $528 million anticipated

Wall Street analysts had been anticipating the corporate to earn $1.36 per share. It was not instantly clear whether or not the reported quantity is akin to estimates.

The third-quarter outcomes evaluate with adjusted EPS of $1.28 per share on income of $480 million in Q2, and $1.21 on income of $338 million within the year-ago quarter.

Revenue from the corporate’s photo voltaic phase jumped 11% quarter over quarter to $476.8 million, and was up 53% yr over yr.

SolarEdge mentioned it expects fourth-quarter income to be between $530 million and $560 million. Wall Street analysts had been on the lookout for $554 million, in keeping with estimates compiled by StreetAccount.

The firm continues to be hit by provide chain bottlenecks, and mentioned it exited the newest quarter with a “file backlog” for the fourth quarter of 2021 and into the primary quarter of subsequent yr. The feedback come after administration mentioned through the second quarter convention name that some provide chain pressures had began to ease.

“We are happy with our file revenues within the third quarter amid the unprecedented international logistics and provide chain challenges,” CEO Zvi Lando mentioned in a press release following SolarEdge’s third-quarter outcomes. He added {that a} manufacturing facility in Vietnam was shut for 12 weeks through the interval on account of Covid-related points.

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