{"id":3599,"date":"2023-10-20T09:15:52","date_gmt":"2023-10-20T09:15:52","guid":{"rendered":"https:\/\/infundpros.com\/investment\/solaredge-rivals-hammered-after-it-warns-of-significantly-lower-profits-on-weak-europe-demand\/"},"modified":"2023-10-20T09:15:52","modified_gmt":"2023-10-20T09:15:52","slug":"solaredge-rivals-hammered-after-it-warns-of-significantly-lower-profits-on-weak-europe-demand","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=3599","title":{"rendered":"SolarEdge, rivals hammered after it warns of \u2018significantly lower\u2019 profits on weak Europe demand"},"content":{"rendered":"
\n

SolarEdge Technologies Inc. late Thursday cut its outlook for third-quarter profits and gross margins and said it expects \u201csignificantly lower\u201d fourth-quarter revenue as it faced a slowdown in solar-power installations in Europe.<\/p>\n

SolarEdge\u2019s stock
\n SEDG,
\n -5.63%<\/bg-quote>
\n dropped 22% ahead of Friday\u2019s regular market open. The maker of inverters and other equipment used in solar-power systems said that the slowdown was \u201cunrelated\u201d to the Israel-Hamas war. <\/p>\n

\n

\u201cDuring the second part of the third quarter of 2023, we experienced substantial unexpected cancellations and pushouts of existing backlog from our European distributors,\u201d SolarEdge Chief Executive Zvi Lando said. <\/p>\n

The company attributed the cancellations and pushouts to higher-than-expected inventory and slower-than-expected installation rates. <\/p>\n

Installation rates for the third quarter \u201cwere much slower at the end of the summer and in September, where traditionally there is a rise in installation rates.\u201d<\/p>\n

\u201cThe adjusted guidance is unrelated to the tragic events that have unfolded in Israel,\u201d the company said. <\/p>\n

SolarEdge expects third-quarter revenue to be in a range between $720 million and $730 million, which compares with a previous expectation of between $880 million and $920 million.<\/p>\n

Adjusted gross margins are seen between 20.1% and 21.1%, versus a prior forecast of between 28% and 31%. <\/p>\n

Adjusted operating income is expected to be in a range between $12 million and $31 million, whereas the company previously called for $115 million to $135 million.<\/p>\n

SolarEdge said it will report full third-quarter results after the bell on Nov. 1. Analysts polled by FactSet expect the company to report adjusted earnings of $1.86 a share on revenue of $910 million. <\/p>\n

The guidance cut at SolarEdge dragged down other solar power-related stocks, with shares of microinverter maker Enphase Energy Inc.
\n ENPH,
\n -6.41%<\/bg-quote>
\n off 13% and solar-panel maker SunPower Corp.
\n SPWR,
\n -2.28%<\/bg-quote>
\n shares down 7%. Shares of the Invesco Solar ETF
\n TAN
\n was down nearly 7%. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SolarEdge Technologies Inc. late Thursday cut its outlook for third-quarter profits and gross margins and said it expects \u201csignificantly lower\u201d fourth-quarter revenue…<\/p>\n","protected":false},"author":1,"featured_media":3600,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-3599","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment"},"yoast_head":"\nSolarEdge, rivals hammered after it warns of \u2018significantly lower\u2019 profits on weak Europe demand | inFundPros<\/title>\n<meta name=\"description\" content=\"SolarEdge Technologies Inc. late Thursday cut its outlook for third-quarter profits and gross margins and said it expects \u201csignificantly lower\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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