SolarWorld has posted impressive Q1 financial figures, with shipments, revenue and earnings before interest all rising. These numbers are in stark contrast to those of many of SolarWorld’s peers and have been attributed to its strong performance in North America.
Spire has reported its revenues from its first quarter 2011, posting revenue for Q1 at US$18.4 million. The result is 2% below Q1 2010, which reported revenue of US$18.9 million. Net loss for Q1 2011, was US$2 million, or US$0.24 per share, contrasted against Q1 2010’s US$0.7 million, or US$0.08 per share.
Sales at Q-Cells fell by approximately 46% in the first quarter of 2011 to €125.1 million, compared to €232.3 million in the first quarter of 2010. The company cited a string of market issues that were responsible for the crash in sales, held higher by the sale of a utility-scale project in Strasskirchen, Germany, that provided proceeds of €72.5 million and the €20 million sale of electricity trading company QCCS at the end of 2010.
Energy Conversion Devices (ECD) is looking to put its third fiscal quarter of 2011 and its rather dreary financial results behind it. The company has decided upon a strategic corporate restructuring process that it hopes will lead it to better future financial results. The company saw its consolidated revenue slide 69% from Q2 2011 and 70% from its Q3 2010 results by only posting US$21.5 million in Q3 2011, pinpointing “industry-wide disruptions” in key European solar markets as the leading factor in its final Q3 revenue.
JA Solar Holdings’ financial results for its first quarter 2011 have revealed a profitable quarter that even surpassed some Wall Street analysts’ expectations. The company posted total revenue for the quarter of US$556.4 million, which, although shows a 5.5% sequential decrease from 2010’s fourth quarter results of US$588.9 million, still comes in 91.2% higher in a year-over-year comparison with 2010’s first quarter US$290.9 million result.
Daqo New Energy’s first quarter 2011 financials show the company increasing their revenues, income and polysilicon shipments over 2010’s fourth quarter results, but the company still holds a conservative outlook for its second quarter 2011. Revenues for Q1 amounted to US$87.3 million, a 6.6% increase over Q4 2010. The company acknowledges that its revenue growth can be credited to an escalation in its polysilicon sales, which amounted to 1,089MT during Q1.
Ion implant market leader Varian Semiconductor Equipment Associates will be acquired by Applied Materials for approximately US$4.9 billion. The deal is said to enhance Applied’s product offerings for transistor formation for front-end semiconductor processing as IC process complexity, transistor scaling and 3-D design implementation require complete and integrated product and process offerings. The deal also offers Applied new market opportunities in solar, display and light emitting diodes, where Varian has made significant investments in recent years to broaden implant technologies market opportunities. Varian reported last week second-quarter 2011 revenue of US$330 million.
Dow Corning veteran Robert Hansen, current company president, has been elected as the company’s new CEO, effective immediately. Hansen has been with Dow Corning for 29 years and was appointed as president of the company in November 2010. Dow Corning noted that Hansen will continue to serve as president, in addition to his role as CEO and that Stephanie Burns will remain chairman of the board of directors. “As chairman, I will remain deeply engaged providing counsel and advice on the company’s business strategy, as well as support to Bob as he transitions into his new role and I prepare for retirement,” remarked Burns.
Solar investments were hot in the first quarter, even if overall PV market demand cooled considerably; according to the latest quarter report on US venture capital (VC) investment in cleantech companies from Ernst & Young. Solar-based companies received US$362.7 million in new investments in the first quarter of 2011, up 162% compared to the same period a year ago. This accounted for 39% of the total dollars raised for the quarter, which is compiled from data provided by Dow Jones VentureSource.
Konarka Technologies is strengthening its management team with the appointment of Dr. James Buntaine as its executive vice president and chief technology officer. The new position adds weight behind the recent appointment of Kenneth McCauley as vice president of sales and marketing to transition the company into its commercial ramp phase. Dr Buntaine comes from Eastman Kodak after a 30-year career at the firm.
