PV projects in Thailand as well as strong demand in select European countries saw Conergy post its highest ever first quarter shipments.
The PV energy provider (PVEP) reported first quarter 2013 product shipments of 127.8MW, up from 105.3MW in the fourth quarter of 2012 and 69.6MW in the first quarter of 2012, an 83% increase year on year.
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Conergy noted that business in Thailand on a volume basis actually tripled in the quarter, due primarily to several PV power plant projects. Overall, Asia Pacific and America region (APAM) saw volumes increase by 92% to around 33MW, compared to the same period a year ago megawatts.
Volume sales in Germany fell by nearly two thirds compared to the previous year, yet the sales in Spain quadrupled, while sales in the UK, Greece, Italy and France also performed well.
Philip Comberg, CEO of Conergy, said: “This is the best opening quarter Conergy ever recorded in terms of volume. We have gained market share, almost doubled our volume and increased sales by one quarter, despite the sustained excess capacities in the global market. This is an achievement that underlines the strength of our international sales and shows that we are still on the right track.”
Sales in the first quarter were €122.1 million, up 24% over the prior year quarter. Sales in Europe accounted for €78.1 million, a 21% increase, while Asia recorded growth of just under one third at €44.0 million, up from €33.5 million in the same period a year ago. Sales outside Germany accounted for 89% of revenue in the quarter.
However, pricing pressure continued in the first quarter of 2013, resulting in gross profit declining by €2.6 million to negative €17.7 million, or -14.5%.
“Although the substantial fall in prices affected our income for a large part of the first quarter, prices have become more stable and have even risen slightly in some cases since mid-March. That is why we are optimistic that our outstanding development in volume and sales will continue to positively influence our operating result over the course of the year and that we will meet our targets,” added Comberg.
Management noted that that sales could reach between €700 million and €800 million in 2013 as it expects an increase in PV project activity in Asia and North America as well as in new export markets such as Eastern Europe. This is around €50 million higher than previous guidance for the full year.