SMA Solar again lifts 2015 sales, EBIT forecast after positive 9-mo

Germany’s SMA Solar Technology AG (ETR:S92) for the third time lifted its 2015 sales and earnings forecast, after turning to positive EBIT of EUR 3.4 million (USD 3.66m) in the first nine months.

The inverter maker now expects full-year sales of EUR 925 million-975 million and earnings before interest and tax (EBIT) of EUR 10 million-30 million. In September the company’s guidance was for sales of between EUR 850 million and EUR 900 million and an EBIT of zero to 10 million.

The new forecast has been motivated by positive business growth from January to October 2015 and significantly higher sales and profits in the third quarter, SMA said on Wednesday.

In the first nine months of the year (9-mo 2015), the company reported EBIT of EUR 3.4 million, versus a loss of EUR 72.7 million in the same period of 2014. Earnings before interest, tax, depreciation and amortisation (EBITDA) turned to EUR 58.9 million from a negative EUR 8.2 million, thanks to higher sales volumes, lower fixed costs and positive exchange rate effects.

Despite severance payments related to staff reductions, gross cash flow improved to EUR 26.4 million from an outflow of EUR 46.1 million a year back.

Sales in the reporting period grew by 27.3% to EUR 699.2 million, mainly thanks to the large-scale photovoltaics (PV) segment. About 86.7% of all revenues came from abroad, with North America, Japan, Great Britain and Australia being the key foreign markets for SMA so far this year.

The company sold PV inverters with a total output of 5 GW in 9-mo 2015, up from 3.3 GW a year back.

(EUR 1 = USD 1.076)

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