Shares of SolarEdge Technologies Inc. (NASDAQ:SEDG) jumped as much as 23.2% in trading Thursday after the solar power optimizer manufacturer reported fourth-quarter results. The stock continued to hold gains throughout the day and was up 20.3% at 12:20 p.m. EST.
Revenue was up 14% to $189.3 million in the quarter and net income more than doubled to $19.5 million, or $0.42 per share. On an adjusted basis, earnings were $41.5 million, or $0.85 per share.
The results easily topped expectations with analysts only anticipating $179.8 million in revenue and $0.63 per share in adjusted earnings. What's most remarkable is that SolarEdge continued to grow even as the U.S. residential solar market struggled and a cloud hung over the industry due to solar tariffs.
SolarEdge continues to expand its presence in residential solar, space where it's staked out a rarely profitable business. Management also expects to grow revenue to $200 million to $210 million in the first quarter with gross margins remaining between 36% and 38%. That should drive another highly profitable quarter and could keep the stock charging higher in 2018.