What happened 

Shares of SolarEdge Technologies (SEDG 5.82%), a smart energy company, were rising today after the company beat analysts' consensus estimates for both its top and bottom lines in the first quarter. 

The solar energy stock was up by 7.2% as of 1:25 p.m. ET.

So what 

SolarEdge reported non-GAAP (adjusted) earnings of $2.90 in the quarter, which was more than double the $1.20 per share in the year-ago quarter and ahead of Wall Street's average estimate of $1.92. That was impressive enough on its own, but investors were also happy to see that SolarEdge's revenue rose 44% in the quarter to $944 million, beating analysts' consensus estimate of $932.5 million. 

CEO Zvi Lando said in a press release that the company's revenue growth is diversified across different segments, allowing the company to grow without being dependent on a single market. Lando also noted the company is focused on growing its margins. 

"As we see supply chain challenges gradually improving, we remain focused on execution and efficiencies to drive up margins and profitability," he said. Non-GAAP gross margin was 32.6% in the quarter, up from 28.4% in the year-ago quarter, and management said it could reach 33.5% in the second quarter, at the midpoint of guidance.

Now what

In addition to the strong first-quarter results, investors were likely optimistic about the company's second-quarter guidance. Management said that sales for the quarter will be between $970 million and $1.01 billion, which could end up outpacing Wall Street's expectation of $986.4 million for the quarter. 

Amid a difficult economic environment right now, investors should be pleased with SolarEdge's solid results in the first quarter.