Manufacturer SolarEdge recorded revenue of US$331,9 million in the second quarter of this year, an increase of 2% compared to the US$325,0 million recorded from April to June last year. Revenues related to the solar energy business were US$310,1 million, an increase of 1% compared to US$306,7 million in the same period in 2019.
The company's gross margin in the period was 31,0%, while the specific margin for the sale of solar products was slightly higher, at 33,1%. The release of the manufacturer's recipes was announced this Monday (3). “This quarter, despite the challenges caused by Covid-19, we maintained healthy profitability by generating cash from operating activity,” said Zivi Lando, CEO of SolarEdge.
“Our global strength, and in particular our loyal customer base in the Netherlands, Germany, Italy and Australia, mitigated the decline in US demand last quarter. Although the pandemic has created many operational challenges, I am confident in our financial strength and grateful for the trust of our customers and the dedication of our employees, which allow us to continue focusing on product innovation and executing our long-term plans even in these challenges,” he added.
Highlights from the second quarter of 2020
The company had a 23% drop in revenue in the second quarter of this year compared to the first quarter of 2020, when the amount was US$431,2 million. Net income was $36,7 million, a 13% drop from $42,2 million in the previous quarter and an 11% increase from $33,1 million in the same quarter last year .
As of June 30 of this year, cash, cash equivalents, bank deposits, restricted bank deposits and securities totaled US$592,7 million, compared to US$467,5 million as of December 31, 2019.
Outlook for the third quarter of 2020
According to SolarEdge estimates, revenue between US$30 million and US$2020 million is expected for the third quarter, which ends on September 325, 350, with the expected amount for the sale of solar products being in the range of US$ 305 million to $325 million.
Furthermore, the estimated gross margin is between 32% and 34%, while the gross margin from the sale of solar products is estimated between 33% and 35%.
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