SMA reports 25% decline in 1Q09 sales but expects strong rebound

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SMA Solar Technology AG has reported a 25% decline in first quarter sales compared to the same period in 2008. The solar inverter leader said that it didn’t rule out a decline in global demand for PV system in 2009 but expects an increase in sales of at least 65% to about €145 to€165 million in the second quarter. Sales in the first quarter totalled €86.7 million compared to €115.1 million in 2008.

“With a market share of approx. 38 % in 2008, SMA’s business development depends directly on the difficult to predict development of the global photovoltaic market. Therefore we only produce to order,” commented Günther Cramer, CEO of SMA Solar Technology AG. “Our production concept allows us to quickly adapt capacity thus we were able to close the first quarter profitably despite the decrease in sales. With our new inverter factory in Kassel, which went into operation in April, we were able to continue to develop this competitive advantage and are well prepared for growing demand.”

The company noted that SMA was now represented in eleven countries on four continents. SMA plans to expand in the United Arab Emirates and Portugal, boosting its global reach. The company noted that 52.5% of sales came from outside Germany in the first quarter, compared to 39.8% in 2008.

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