SolarEdge's stock jumps 9% as company says supply-chain snarls 'improving'

Shares of SolarEdge Technologies Inc. (SEDG) rallied 9% in the extended session Wednesday after the maker of inverters and other products and software for solar energy reported first-quarter earnings above Wall Street expectations and said it sees "supply-chain challenges gradually improving." SolarEdge earned $138.4 million, or $2.35 a share, in the quarter, compared with $33.1 million, or 60 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned $2.90 a share. Revenue rose 6% to $944 million, SolarEdge said. Analysts polled by FactSet expected adjusted earnings of $1.94 a share on sales of $933 million. The company guided for second-quarter revenue between $970 million and $1.01 billion, compared with FactSet consensus for revenue of $990 million in the quarter. SolarEdge stock ended the regular trading day up 0.1%.

-Claudia Assis

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05-03-23 1650ET

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