HERZILIYA PITUACH, Israel (AP) _ SolarEdge Technologies Inc. (SEDG) on Tuesday reported fourth-quarter profit of $17.7 million.
The Herziliya Pituach, Israel-based company said it had profit of 33 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, were 98 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 87 cents per share.
The photovoltaic products maker posted revenue of $358.1 million in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $354.6 million.
For the year, the company reported profit of $140.3 million, or $2.66 per share. Revenue was reported as $1.46 billion.
For the current quarter ending in April, SolarEdge said it expects revenue in the range of $385 million to $405 million.
SolarEdge shares have climbed nearly 4% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $331.35, nearly tripling in the last 12 months.