Germany’s largest module manufacturer, SolarWorld reported weakening financial conditions in the third quarter. Shipments and revenue remained flat with the second quarter but margins declined as weak demand and declining prices impacted results. SolarWorld guided sales above €1 billion for the full-year but below €1.3 billion reported in 2010. Finished goods inventory levels have increased sequentially for 5 quarters, while total inventories reached close to €500 million.
SolarWorld reported shipments of 195MW in the third quarter, flat with the second quarter and up slightly from 191MW in the same quarter a year ago.
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Revenue amounted to €237.8, flat with second quarter revenue figures of €238 million, while EBIT-margin was 8.7%, down from 13% in the second quarter of 2011. SolarWorld reported consolidated net income of negative € 9.0 million, said to be due to losses in the United States that did not reduce tax liabilities.
For the first 9-months, SolarWorld reported increased shipments to 576MW, up slightly from 568MW in the same period of 2010. Revenues reached €772.9, down from €958.3 million in the prior year period.
The operating profit (EBIT) in the first 9-months amounted to €88.7, down from €133.6 million in the same period a year ago. Consolidated net income amounts to € 13.4 million, down from €54.7 million in the first 9-months of 2010.