Phoenix Solar posts 72% quarterly increase in sales as record results reached

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Significant success in meeting huge demand in Germany, helped Phoenix Solar post a 72% increase in quarterly sales and a 145.1% increase on a six-month basis compared to 2009. Record revenue reached €283.6 million in the second quarter, compared to €115.7 million in the period a year ago. Sales by segments were 56.6% to Components & Systems (140MW) and 43.4% allocated to its Power Plants segment. International business revenues rose significantly to 13.2%, compared with 3.0% in the previous year’s period.

“For Phoenix Solar AG to have achieved more than half of the annual revenues forecast and more than two thirds of targeted EBIT is unprecedented,” noted Dr. Andreas Hänel, Chief Executive Officer of Phoenix Solar. “We owe this development to strong international markets and a special effect.”

Phoenix Solar noted that the German photovoltaic market was dominated by upfront buying effects to beat the feed-in tariff changes from 1 July 2010. At the same time, the international markets of France, Italy, Spain and Greece gained considerable momentum, creating bottlenecks in the supply of modules and inverters.

The company noted that to avoid component shortages it had broadened the number of suppliers for modules and inverters in the quarter and did not anticipated much improvement in supply conditions during the second-half of the year.

The company expects continued strong demand for the rest of the year, noting it had received orders worth €281.7 million, which was 55.4% higher than on 30 June 2009. Its Power Plants segment saw the highest growth with €184.2 million in orders.

With a softening of demand in the residential German market expected, Phoenix Solar said that power plant projects in international markets, postponed to the second half of the year due domestic demand would now be started. Demand in Germany would return in the fourth quarter

The company expects 2010 revenue in the range of €660 million and €700 million with approximately 20% coming from international markets.

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