PV manufacturer SolarWorld has reported higher than expected PV module shipments in key overseas markets of the US, UK and France in its preliminary first-half 2014 financial results.
The company reported first-half 2014 revenue of €228 million, compared to €201 million in the same period of 2013.
The results indicate revenue in the second quarter of 2014 reached €128.6, up from €99.4 million in the first quarter of 2014.
SolarWorld noted that product shipments in the first half of the year were primarily driven by PV module sales rather than systems or kits for installers, which was a key element of its strategy to grow the company after restructuring.
The company reported that product shipments increased by 53% in the first half of the year to 233MW. Lower than expected system sales was said to be due to continued weakness of its domestic residential market in Germany.
SolarWorld noted that the lack of systems sales resulted in slightly lower revenue than expected and that if shipments in the second half of 2014 remain biased towards PV module sales then there was a probability it would not meet guided revenue of over €680 million for the year.
However, including one-off items such as polysilicon supply contract penalties and restructuring charges in the first-half of the year, SolarWorld reported an EBITDA of €1 million. Excluding charges would have resulted in an EBITDA of €101 million, according to the company.
SolarWorld revised full-year guidance from a small loss to a positive result of around €3 million.