— SolarEdge Technologies, Inc. (NASDAQ: SEDG) reported its fourth-quarter 2019 adjusted earnings of $1.65 per share versus $1.25 per share expected.
— Total revenues rose by 2% to $418.2 million versus $413.78 million expected.
— Revenues related to solar business soared by 60% year-over-year to $389 million.
— Looking ahead into the first quarter of 2020, the company expects revenues in the range of $425-440 million and revenues from solar products in the range of $405-415 million. The consensus estimates revenue of $389.26 million.
— The gross margin is predicted to be within the range of 32-34% for the first quarter and the gross margin from the sale of solar products is anticipated to be within the range of 33-35%.
— In addition, the company appointed CEO Zivi Lando to the Board of Directors. Lando will continue as CEO on a permanent basis. He took over as executive chief six months ago upon the untimely passing of CEO, Chairman, and founder.