What happened
Shares of SolarEdge Technologies (SEDG -3.93%) jumped as much as 24.2% in trading Tuesday after reporting first-quarter 2019 earnings. At 2:20 p.m. EDT, shares were still up 21.8% on the day.
So what
Revenue for the quarter was up 3% to $271.9 million and net income jumped 47% to $19 million, or $0.39 per share. On a non-GAAP basis, which is what Wall Street analysts compare against, net income was $32.9 million and earnings per share were $0.64.
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Results easily topped the $265.4 million in revenue and $0.62 per share in earnings that analysts expected. For the second quarter, management said it expects revenue to grow to anywhere from $310 million to $320 million.
Now what
The solar market has been relatively flat early this year, so it's impressive SolarEdge is growing as much as it is. The company has done this by pushing into more markets and expanding the number of products it offers. With the industry expected to return to steady growth in the next few years, the future looks very bright for this solar stock.
