centrotherm photovoltaics has released the financial results for its 2010 first quarter. Consolidated revenue reached €115.3 million, which the company attributes to a high demand for single equipment items in its solar cell and module segment. Centrotherm also acknowledged a 30.6% increase in its silicon and wafer segment revenue.
EBIT totaled €9.8 million, with an EBIT margin at 8.5%. Consolidated net result came to €6.6 million with total assets reported as €781.6 million, an increase from last year’s €740.3 million. The equity ration saw a decrease over 2009’s 46.5%, with this quarter’s 44.9%.
“Although we were unable to best the extremely strong first quarter of 2009, we are very confident of further progress in view of agreements signed in Asia, and new sales markets such as the Arabian Peninsula,” commented Oliver Albrecht, CFO of centrotherm.”We remain on our growth path with our solid balance sheet structure and a good liquidity position of almost€160 million.”
The company’s silicon and wafer segment earned €43.3 million in revenue from the sales of silicon production technology and systems, a 30.6% increase from the previous year. Operating earnings rose to €7 million from €4.1 million. The order book totaled €537.7 million at the period ending March 31.
Solar cell and module revenue reached €68.2 million, a decrease in revenue from the previous €86.4 million. EBIT did show progress though coming in at €11.7 million. This segment of the company represented 59.2% of consolidated revenue with €203.4 million in orders as of March 31.
Centrotherm’s thin-film division reported revenue of €3.8 million, down from the previous year’s €11.4 million. Operating earnings were reported as – €8.8 million with an order book of €16 million as of March 31.
The total order book came to €757 million as of March 31. At present, centrotherm has projected a revenue growth in 2010 between €550 million and €580 million.