At the end of this year, demand for solar energy fell. Photo: JENS BUETTNER
European demand for solar generation appears to have held up better than that of the United States in the first half of the year, benefiting inverter and power optimizer maker Solaredge, which generates more than 60% of its revenue from Europe. In the third quarter they had to admit that demand suddenly fell here too, writes LHV analyst Erko Rebane on the bank’s financial portal.
In third-quarter financial results reported Nov. 1, Solaredge said quarterly sales fell 13.3% year-over-year to $725.3 million, below analysts’ expectations of $769 million. The company had issued a profit warning on October 19, lowering its forecast range to $720-730 million from a range of $880-920 million, as European retailers suddenly began canceling mid-quarter orders to due to a slowdown in product installation. and high inventories.
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2023-12-15 14:01:00
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