SolarWorld turns to loss and rising inventory: full-year guidance reduced

Financials

  • SWVK
    ETR
    14.80
    -0.01 (-0.03%)
    5:36PM GMT+1

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.

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.

PV-Tech Storage Promo

Newsletter

Preview Latest
Subscribe
We won't share your details - promise!

Publications

  • Photovoltaics International 25th Edition

    In this issue we offer some insights into what the next wave of photovoltaic technologies may look like as that upturn gathers pace. Industry observers have been in broad agreement that the major next-gen PV technology innovations won’t happen straight away. But there’s also little doubt that the search is now on in earnest for the breakthroughs that will come to define the state of the art in the industry in the years to come.

  • Manufacturing The Solar Future: The 2014 Production Annual

    Although the past few years have proved extremely testing for PV equipment manufacturers, falling module prices have driven solar end-market demand to previously unseen levels. That demand is now starting to be felt by manufacturers, to the extent that leading companies are starting to talk about serious capacity expansions later this year and into 2015. This means that the next 12 months will be a critical period if companies throughout the supply chain are to take full advantage of the PV industry’s next growth phase.

Partners

Acknowledgements

Solar Media