SolarEdge stock falls 15% on Q3 sales miss, weaker Q4 sales guidance

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Shares of SolarEdge Technologies Inc. fell more than 15% in the extended session Monday after the maker of solar inverters and other devices for solar-power systems reported third-quarter sales below Wall Street expectations and guided for lower-than-expected sales for its fourth quarter. SolarEdge said it earned $43.8 million, or 83 cents a share, in the quarter, compared with $41.6 million, or 81 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $1.21 a share, flat in relation to the third quarter of 2019. Revenue fell 18% to $338.1 million. Analysts polled by FactSet had expected SolarEdge to report adjusted profit of 74 cents a share on sales of $343 million. The company guided for fourth-quarter sales in a range between $345 million and $365 million. The analysts surveyed by FactSet expect SolarEdge to report sales of $391 million in the fourth quarter. The stock ended the regular trading day up 3.4%.
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