SolarWorld expects profitability in 2015 after exceeding 2014 sales target

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PV manufacturer SolarWorld has reported shipments and revenue for 2014 higher than guided on the back of increased sales primarily from the US. 

SolarWorld said that preliminary revenue in 2014 increased by 26% to €573 million, compared to €456 million in 2013. 

Consolidated earnings before interest and taxes (EBIT) was said to have increased to €64 million in 2014 resulting in a fall in losses to €43 million, compared to losses of €189 million in the previous year.

Shipments of modules and installation kits were said to have increased by 55% in 2014 to reach 849MW, compared to 548MW in 2013, exceeding previous guidance of shipments increasing by over 40%. 

Driving shipment growth was primarily the US, becoming its largest market in 2014. The US accounted for 41% of total shipments of modules and kits, while shipments to France, the UK and Japan were also said to have increased in 2014. The company did not disclosed actual shipment figures.

SolarWorld guided increased shipments in 2015 to exceed 1GW and return to profitability, without providing guidance. 

The preliminary full-year results indicate that SolarWorld's sales improved significantly from the second quarter onwards, primarily after the latest US anti-dumping rulings imposed further duties on Chinese solar cells and for the first time on Taiwanese cells, primarily used by Chinese module manufacturers to circumvent existing anti-dumping duties. 

The third quarter of 2014 proved to be SolarWorld’s biggest quarter with revenue of €181 million, followed by the fourth quarter with around €164 million in revenue.

Late last year, SolarWorld announced a modest increase in manufacturing capacity at its facility in Oregon to meet demand. 

The company did not say what its shipments of modules and kits had been within the domestic German market, previously its largest market. 

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