German Aleo Solar lowers 2011 revenue guidance

Nov 9, 2011 - German photovoltaic (PV) technology producer Aleo Solar (ETR:AS1) today reduced its full-year revenue expectation after its performance in the first nine months of 2011 was negatively affected by the strong drop in solar module prices.

The company now expects 2011 revenue to stand at EUR 440 million (USD 608.1m) instead of EUR 515 million as it was previously projected.

In addition, Aleo Solar expected to report a loss for the full 2011.

In the first nine months of 2011, the company saw its earnings before interest and tax (EBIT) drop to EUR 7.4 million from EUR 40.3 million a year earlier. EBIT-margin respectively fell to 2.2% from 9.8%.

Earnings per share decreased to EUR 0.37 from EUR 2.29.

Aleo Solar also registered a 16.4% annual decline in its revenue to EUR 344.6 million in the January-September period as demand particularly in the third quarter was weaker than expected.

(EUR 1.0 = USD 1.382)

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