Phoenix Solar records narrower net loss in 9-mo 2015
Solar system. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.
Phoenix Solar AG (ETR:PS4) on Thursday reported a narrower net loss attributable to shareholders of EUR 6.4 million (USD 6.9m) for the first nine months of 2015, compared to EUR 10.3 million in the year-ago period.
The German photovoltaic (PV) system integrator's earnings before interest and tax (EBIT) were negative EUR 3.5 million, an improvement on the negative result of EUR 5.7 million last time. The company returned to operating profit in the third quarter, recording EBIT of EUR 1.1 million.
It confirmed its previously reduced full-year EBIT guidance for a result ranging from a EUR-1-million loss to a EUR-1-million profit. Revenues in the full year are seen to be at the lower end of the forecast range of EUR 140 million to EUR 160 million.
In the January-September period revenues jumped to EUR 82.2 million from EUR 19.5 million a year earlier, driven by the company's US subsidiary. Growth was concentrated mainly in the second and third quarters.
Chief executive Tim P Ryan is optimistic about the future and pointed to the company's strong growth, positive cash flow, positive operating results for the quarter and almost breakeven bottom line as indications that it was on track with its turnaround.