SolarEdge Technologies Inc shed a fifth of its market value in Wednesday's pre-market trades following an underwhelming showing in the energy technology group’s annual earnings.
Full-year revenues came to $3 billion, down 4% from 2022, with the fourth quarter being particularly poor with revenues down 56% on a year-on-year comparison.
Gross margins for the year dropped from 27.2% to 23.6%, with net diluted earnings per share down 64% to $0.60.
Though SolarEdge penned record solar installations in the first half, the second half was impacted by a “weaker market due to higher interest rates and lower power prices, which resulted in an inventory buildup that slowed our shipments”.
Outlook for the first quarter of 2024 has revenues in the range of $175 million to $215 million, implying a considerable fall from over $940 million in the first quarter of 2023.
Shares were swapping for $68.43 in pre-market exchanges.