The Israeli inverter and energy storage company Solaredge has reported solid financials for the period from July to September, despite a significant drop in revenue.
In the period, the company achieved a turnover of $338.1 million, of which around $312.5 million came from the sale of solar products. In the same period in 2019, total sales had reached $410.5 million.
Furthermore, Solaredge reports that its quarterly operating result was $30.4 million and net profit was $43.7 million. This compares to $66 million and $41.7 million, respectively, in the third quarter of last year.
As for the first nine months of the year, the company's revenue increased year-on-year from $1 billion to $1.1 billion, while net profit rose from $92.6 million to $122.6 million. The operating result, however, fell from $139.4 million to $128.1 million.
In the third quarter, Solaredge shipped around 1,415 MW of its products, of which 708 MW in the residential segment and 743 MW in the commercial segment. In the same period of last year, total shipments had reached 1,498 MW. Overall, the company sold around 125,500 inverters and 3,272 power optimizers from July to September, which compares to around 187,900 and 4,587, respectively, in the same period of 2019.
“Our third-quarter results reflect significant growth in Europe despite the current economic slowdown caused by the global pandemic,” said Solaredge CEO Zivi Lando. “Our solar business outside the U.S. reached an all-time high and the U.S. market is showing signs of return to pre-pandemic installation levels.”
Looking forward, Solaredge said it expects to achieve sales of $345-365 million in the fourth quarter. An outlook for the whole fiscal year was not provided.
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