SolarEdge Technologies said it encountered 'substantial unexpected cancellations and pushouts of existing backlog' from its European distributors.
Solar power stocks fell hard in after-hours trading on Thursday following a warning from solar-equipment maker SolarEdge Technologies that demand in Europe has slumped significantly.
“During the second part of the third quarter of 2023, we experienced substantial unexpected cancellations and pushouts of existing backlog from our European distributors,” said SolarEdge CEO Zvi Lando in a statement. The company will report its full third-quarter earnings on Nov. 1, but its problems are clearly significant enough that it felt the need to warn shareholders.
SolarEdge makes a piece of equipment called an inverter that turns direct current from a solar panel into alternating current that can be used in a home. The company cut its guidance for third-quarter revenue to a range of $720 million to $730 million, down from a previous forecast of $880 million to $920 million. Wall Street had been expecting $909 million.
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