Solaredge Technologies Inc SEDG Shares traded roughly flat at $310.79 during Monday’s after-hours session after the company reported better-than-expected fourth-quarter financial results. The company also issued guidance for the first quarter with a median above analysts’ estimates.

So what happened?

SolarEdge Technologies reported quarterly earnings of $2.86 per share, beating analysts’ consensus estimate of $1.55 by 84.52 percent. The company also reported quarterly revenue of $890.70 million, beating analysts’ consensus estimate of $879.23 million by 1.30%. This is a 61% increase over revenue of $551.91 million for the same period last year.

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SolarEdge also expects first-quarter revenue of between $915 million and $945 million, versus analyst consensus estimate of $918.5 million.

The company reported record revenue of $3.11 billion, a significant 58% year-over-year increase from 2021. That includes record revenue from the company’s solar segment of $2.92 billion, an increase of about 63% year-over-year 2021 compared to the previous year.

What else?

“We are pleased with our fourth quarter results, which cap a challenging but very successful year. The global economic and geopolitical events coupled with the post-pandemic dynamics have resulted in unprecedented demand for solar energy in general and our products in particular,” he said Two LandoCEO of SolarEdge.

“I’m proud that our exceptional global team of people was able to overcome the hurdles we faced and end a record year in almost every aspect of our business. We are excited about the opportunities in the coming year and expect to continue our profitable growth momentum.”

According to data from Gasoline ProSEDG has a 52-week high of $375.90 and a 52-week low of $190.15.