PV equipment specialist, centrotherm reported first quarter 2014 revenue of €39.5 million (US$55.0 million) of which around 50% was attributed to payments on its turnkey polysilicon plant being built for Qatar Solar Technologies (QSTec) in Qatar.
Earnings before interest and tax (EBIT) in the quarter was said to be in the negative low single-digit euro million mark.
Centrotherm said that it received €32.3 million (US$44.0 million) in new orders in the quarter, driven by large-scale system and technology packages purchased from Taiwanese and Chinese PV manufacturers.
Order backlog in the first quarter was reported at €224.1 million (US$312.1 million), down from €229.1 million (US$319.1 million) at the end of 2013. Photovoltaics & Semiconductor segment order backlog stood at €75.3 million (US$104.9 million), up slightly from €60.1 million (US$83.7 million) at the end of 2013.
The reduction in the order book position was attributable mainly to sales recognition in relation to the QSTec polysilicon plant, which is believed to have been completed or close to completion after a series of delays. The plant was initially scheduled for completion and initial ramp in the mid-2013 onwards.
Centrotherm said that cash and cash equivalents stood at €104.2 million (US$145.1 million) at the end of the first quarter, slightly higher than €99.8 million (US$138.0 million) at the end of 2013.
The company reiterated its wide 2014 revenue guidance of between €150 million to €200 million (US$209-279 million).