Centrosolar sales up in Q3, year-end revenue guidance down

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Centrosolar reported its core downstream business of rooftop installations increased 29% in Q3 2012 as sales in Italy, Belgium and North America improved.

Module sales in the quarter increased 29% quarter on quarter to 32.6MW and 12% (98.6MW) for the first nine months of the year. International sales reached 72% of revenue for the first nine months of the year, up from 62% in the year ago period.

However, the company reported revenue of €55.5 million, down 24% from the prior-year quarter when revenue reached €72.9 million. The revenue fall was said to be due to a fall in PV project sales and module ASP declines, which the company said had fallen 37% in last 12-months.

Sales were also impacted by the bankruptcy of several of its solar glass segment customers. Solar glass sales were also impacted by lower demand as module manufacturers cut production, a trend expected to continue in Q4 on the back of weaker seasonal demand.

Overall, Centrosolar reported EBITDA of -€4.2 million.

Financial guidance

Centrosolar said that it did not expect a year-end rush in rooftop installations in Germany, unlike last year, due to feed-in tariff adjustments already made. Therefore management noted that it expected full-year revenue to be in the range of €215 million to €225 million, down from previous guidance of €250 million.

The company had sales of €293 million in 2011, down from €403 million in 2010.

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