Carmanah’s prelim revenues soar 147% Y/Y in Q3

Oct 7, 2014 - Canadian solar technologies firm Carmanah Technologies Corp (TSE:CMH) said Monday its third-quarter revenues have jumped by 147% on the year to USD 12.1 million (EUR 9.6m), according to preliminary figures.

Carmanah, which makes solar light-emitting diode (LED) lights and solar power systems, said that the figure includes about USD 2 million in revenues from US-based solar-powered outdoor lighting systems maker SOL Inc, which it acquired in the summer. The remaining USD 10.1 million were generated from its own operations.

Year-to-date revenues rose by 67% in annual terms to USD 30.3 million. Meanwhile, gross margins for July-September “remained reasonably consistent” with those in the first two quarter of 2014.

Carmanah’s order book is considerably higher as compared to the April-June quarter, it said, without providing figures. The upward trend is seen to continue into the last quarter of the year, CEO John Simmons noted.

In terms of profits, the Canadian firm expects its performance to be temporarily affected through the balance of 2014 and early 2015 due to costs related to the acquisition of SOL Inc. The company will publish its third-quarter financial report on November 13.

(USD 1.0 = EUR 0.792)

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