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SolarEdge ( SEDG ) stock rocketed late Wednesday after the Tesla Motors ( TSLA ) partner reported fiscal Q2 sales and earnings that smashed Wall Street expectations, while guiding to Q3 estimates also well above the consensus model. In after-hours trading, SolarEdge stock lit up more than 12%. Shares rose 2.7%, to 27.43 in the regular session in the stock market today . For its fiscal Q2 ended Dec. 31, SolarEdge reported a record $124.8 million in sales and 44 cents earnings per share ex items, up 70% and 267%, respectively, vs. the year-earlier quarter. The consensus of 10 analysts polled by Thomson Reuters had predicted $119.5 million and 36 cents, with the former in line with SolarEdge’s earlier guidance for $118 million-$121 million. SolarEdge doesn’t give EPS guidance. Current-quarter guidance for $121 million-$125 million in sales easily topped analyst views for $117.3 million. On a year-over-year basis, sales would be up 42% at the midpoint of guidance. The consensus had also modeled 35 cents EPS ex items. SolarEdge made its IPO last March, pricing shares at 18. The stock flew 139% to a record high of 43 on June 22, but SolarEdge stock encountered the same valley that plagued other solar stocks in 2015, closing the year up 56.5%. In January, SolarEdge topped Needham analyst Y. Edwin Mok’s list of solar firms for 2016 . Congress’ last-minute extension to the Investment Tax Credit (ITC) on solar freed SolarEdge from having to lower component prices in 2016. Mok now sees a mid-40% growth runway for SolarEdge in 2016. SolarEdge founder and CEO Guy Sella credited a bright strategy and business plan for the company’s Q2 success. “In addition to our revenue growth and increased profitability, this quarter we installed our first HD-wave inverter units, and we commenced shipments of our StorEdge solution,” he said in a statement. SolarEdge stock tops the 22-company IBD Energy-Solar industry group with a 97 Composite Rating out of a best-possible 99. First Solar ( FSLR ) and JA Solar ( JASO ) stocks trail with CRs of 95 and 90, respectively. Scalper1 News
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