Energymagz
No Result
View All Result
Friday, December 8, 2023
  • Login
  • Home
  • News
    • Solar
    • Wind Energy
    • Hydropower
    • Hydrogen
    • Geothermal
    • Bioenergy
    • Ocean Energy
    • Energy Storage
    • Grid
  • Region
    • Europe
    • North America
    • Asia
    • Africa
    • Middle East
    • Australia & Oceania
    • Latin America
  • Politics
  • Finance
  • Technology
  • Peoples
  • Study
  • Events
  • Jobs
Subscribe Now
Energymagz
  • Home
  • News
    • Solar
    • Wind Energy
    • Hydropower
    • Hydrogen
    • Geothermal
    • Bioenergy
    • Ocean Energy
    • Energy Storage
    • Grid
  • Region
    • Europe
    • North America
    • Asia
    • Africa
    • Middle East
    • Australia & Oceania
    • Latin America
  • Politics
  • Finance
  • Technology
  • Peoples
  • Study
  • Events
  • Jobs
No Result
View All Result
Energymagz
No Result
View All Result
Home Finance

SolarEdge Forecasts Lower Q4 Revenue Amid Challenging Market Conditions

by John Garcia
November 2, 2023
in Finance
Reading Time: 1 min read
A A
0
SolarEdge Forecasts Lower Q4 Revenue Amid Challenging Market Conditions
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

SolarEdge Technologies faced a setback as it forecasted fourth-quarter revenue below Wall Street's expectations, causing its shares to drop by 22.3% in after-hours trading. The company, a prominent solar inverter manufacturer, cited weak demand for its products, with several factors contributing to the challenging market conditions.

One key factor affecting solar demand in Europe has been an excess of inventory, coupled with diminishing demand in crucial markets, primarily due to a scaling back of fossil fuel prices from their record highs of the previous year. In the United States, higher interest rates and a metering reform in California, the country's largest solar market, have also impacted the demand for solar installations.

See Also

UK and Germany Forge Energy and Climate Partnership to Advance Net Zero Goals

Renewable Energy Surges in Germany, Accounting for 60.2% of Q3 2023 Power Generation

December 8, 2023
Leeward Renewable Energy and Southern California Edison Sign 15-Year Power Purchase Agreement for Antelope Valley Battery

Bluefield Renewable Developments Gains Approval for 49.9-MW Solar Farm and 60-MW Battery Storage in Northumberland

December 8, 2023
Opdenergy Secures EUR 82.6 Million Green Financing for US Solar Projects

Audax Renovables Secures EUR 66 Million Financing for Spanish Solar Portfolio

December 8, 2023
Europe’s first self-consuming energy community in Tenerife

U.S. Adds 6.5 GW of Solar Capacity in Q3 2023, Sets Record for Annual Growth

December 8, 2023

SolarEdge's market capitalization has taken a hit this year, dropping by over half of its previous value. The company's outlook for the current quarter further compounded concerns, with a revenue projection ranging from $300 million to $350 million, falling far below analysts' estimates of $687.9 million, as reported by LSEG data.

The company had already revised down its third-quarter revenue expectations recently, attributing the adjustment to high inventory levels and a slowdown in installations. This slowdown resulted in significant cancellations and backlog clearing by European distributors during the quarter.

Additionally, SolarEdge reported an adjusted net loss of 55 cents per share for the quarter ending September 30, a stark contrast to analysts' expectations of a profit of 89 cents per share. CEO Zvi Lando acknowledged the challenges, stating, “The results for the third quarter fell short of our prior expectations and are reflecting a slow market environment.”

The company's third-quarter revenue of $725.3 million also missed estimates, which had projected $768.38 million. SolarEdge's forecast for the fourth quarter includes an adjusted gross margin expectation in the range of 5% to 8%.

Notably, SolarEdge's peer, Enphase, also anticipated a weak fourth-quarter revenue, indicating broader challenges in the solar industry.

Tags: CaliforniasolarSolarEdgeUnited StatesWall Street

Related Posts

Opdenergy Secures EUR 82.6 Million Green Financing for US Solar Projects
Finance

Audax Renovables Secures EUR 66 Million Financing for Spanish Solar Portfolio

by Teri Wright
December 8, 2023
Utilitas Initiates Construction on Tallinn’s Largest Solar Farm, Aligning with European Green Capital Status
Finance

Bluefield Partners and Arcano Capital Close EUR 100 Million Fund for Italian Solar Assets

by Stanley Shelton
December 8, 2023
European Commission Launches €4 Billion Innovation Fund to Drive Decarbonisation Technologies
Finance

European Commission Approves €4.12 Billion Offshore Wind Support for French Projects

by Patrick Vaughn
December 8, 2023
Eversource Energy Nears Deal to Offload 50% Stake in 1.8-GW US Offshore Wind Portfolio
Finance

European Investment Bank Commits EUR 400 Million to Orsted for Offshore Wind Farm Construction

by Caesar Harrett
December 7, 2023
  • Trending
  • Comments
  • Latest
Dutch Offshore Wind Farms Stop Turbines to Allow Safe Passage for Migrating Birds

U.S. Federal Council Greenlights $1.5 Billion Offshore Wind Farm in Rhode Island

December 8, 2023
Masdar and Verbund Green Hydrogen Sign Pact for Green Hydrogen Plant in Central Spain

Masdar and Verbund Green Hydrogen Sign Pact for Green Hydrogen Plant in Central Spain

December 7, 2023
Emirates Steel Arkan, Ohmium International, and Khalifa University Collaborate to Advance Green Hydrogen in Steelmaking

Emirates Steel Arkan, Ohmium International, and Khalifa University Collaborate to Advance Green Hydrogen in Steelmaking

December 7, 2023
Toda Corporation Delays Goto City Floating Offshore Wind Farm Startup by Two Years Due to Structural Defects

New Jersey Expedites Fourth Offshore Wind Tender in Pursuit of 11 GW Capacity by 2040

December 8, 2023
UK and Germany Forge Energy and Climate Partnership to Advance Net Zero Goals

Renewable Energy Surges in Germany, Accounting for 60.2% of Q3 2023 Power Generation

December 8, 2023
Voltalia Sells 420MW Solar Project in Brazil to Newave Energia

Voltalia Secures Majority Stake in 60MW Mosselbanken Solar Plant in the Netherlands

December 8, 2023
Leeward Renewable Energy and Southern California Edison Sign 15-Year Power Purchase Agreement for Antelope Valley Battery

Bluefield Renewable Developments Gains Approval for 49.9-MW Solar Farm and 60-MW Battery Storage in Northumberland

December 8, 2023
Endangered Macaw vs. Green Energy Dilemma: Wind Farm Project in Brazil Faces Controversy

Patria Investimentos to Acquire 600 MW Wind Power Assets from ContourGlobal in Brazil

December 8, 2023

Newsletter

Categories

  • Bioenergy
  • Energy Storage
  • Finance
  • Geothermal
  • Grid
  • Hydrogen
  • Hydropower
  • News
  • Ocean Energy
  • Peoples
  • Politics
  • Smart Energy
  • Solar
  • Study
  • Technology
  • Wind Energy

Site Navigation

  • Home
  • About Us
  • Privacy Policy
  • Cookie Policy
  • Advertising
  • Subscription plans
  • Contact
Energymagz

Welcome to EnergyMagz, where we strive to provide the latest and most accurate information about the ever-changing world of clean energy. Our team of passionate writers and researchers is dedicated to covering all aspects of renewable energy, including solar, wind, hydro, geothermal, and more.

© 2023 By EnergyMagz

No Result
View All Result
  • Home
  • News
    • Solar
    • Wind Energy
    • Hydropower
    • Hydrogen
    • Geothermal
    • Bioenergy
    • Ocean Energy
    • Energy Storage
    • Grid
  • Region
    • Europe
    • North America
    • Asia
    • Africa
    • Middle East
    • Australia & Oceania
    • Latin America
  • Politics
  • Finance
  • Technology
  • Peoples
  • Study
  • Events
  • Jobs

© 2023 By EnergyMagz

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In