Why SolarEdge Stock Crashed 15% Today
Shares of Israeli solar power inverter manufacturer SolarEdge Technologies (NASDAQ: SEDG) tumbled 15% through 11:45 a.m. ET on Wednesday after the company reported mixed earnings last night.
On the one hand, SolarEdge beat expectations, reporting a loss of only $0.92 per share where Wall Street analysts had predicted a loss of $1.33. On the other hand, sales for the fourth quarter of 2023 came up a bit short. Wall Street had wanted to see sales of $323.3 million, but the most SolarEdge could muster was $316 million.
Those are the bare facts, but they might not give a real sense of how truly awful Q4 was for SolarEdge. Q4 2023 sales simply collapsed, falling 65% in comparison to Q4 2022. Gross profit margins on those sales flipped from positive 20% to negative 18%. On the bottom line, SolarEdge lost a staggering $2.85 per share, versus earning a $0.36 per share profit a year ago.
Source Fool.com
