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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.