Shares of SolarEdge Technologies Inc. (SEDG) are soaring 10.45% in pre-market trading on Wednesday after the company reported better-than-expected fourth quarter earnings results.
SolarEdge reported Q4 revenue of $196.2 million, beating the consensus estimate of $189.2 million. The company's earnings per share of $3.52 also widely outperformed the $1.66 EPS forecast by analysts.
As of December 31, SolarEdge had cash, cash equivalents, and restricted cash totaling $1.2 billion on its balance sheet. This strong cash position should support the company's growth initiatives going forward as it aims to capitalize on rising demand for solar energy solutions.
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