Solaredge Technologies Inc (NASDAQ:SEDG) stock fell 0.019% (As on February 14, 11:10:31 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 22. Revenues from the solar segment were a record $837.0 million, up 6% from $788.6 million in the prior quarter and up 66% from $502.7 million in the same quarter last year. Non-GAAP gross margin was 30.2%, up from 27.3% in the prior quarter and down from 30.3% in the same quarter last year. Gross margin from the solar segment was 32.4%, up from 28.3% in the prior quarter and down from 32.8% in the same quarter last year. Non-GAAP operating expenses were $119.0 million, up 10% from $108.3 million in the prior quarter and up 26% from $94.1 million in the same quarter last year. Non-GAAP operating income was a record $149.6 million, up 24% from $120.2 million in the prior quarter and up 105% from $72.9 million in the same quarter last year. Non-GAAP net income was a record $171.5 million, up 217% from $54.1 million in the prior quarter and up 173% from $62.8 million in the same quarter last year. Cash flow from operating activities was $111.3 million, up from $5.6 million in the prior quarter and up from $89.6 million in the same quarter last year. As of December 31, 2022, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $1.04 billion, net of debt, compared to $937.6 million on September 30, 2022.

SEDG in the fourth quarter of FY 22 has reported the adjusted earnings per share of $2.86, beating the analysts’ estimates for the adjusted earnings per share of $1.54. The company had reported the adjusted revenue growth of 61 percent to $890.7 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $878.9 million.

SolarEdge Technologies Inc sees Q1 2023 revenue of $915.00M-$945.00M versus the analyst consensus of $918.50M. for the first quarter ending March 31, 2023, the company expects Non-GAAP gross margin expected to be within the range of 28% to 31%, Non-GAAP operating profit to be within the range of $150 million to $170 million, Revenues from the solar segment to be within the range of $875 million to $905 million and Gross margin from the solar segment expected to be within the range of 31% to 34%.