SMA Solar records profit in Jan-Sep 2020, keeps guidance

German photovoltaic (PV) inverter maker SMA Solar Technology AG (ETR:S92) has turned to a net profit in the first nine months of 2020 after a 23% year-on-year rise in sales, it announced today.

The company reported a net profit of EUR 9 million (USD 10.6m) for January-September 2020 versus a loss of EUR 11 million a year back.

More details about SMA’s financial performance in the first nine months are available in the following table.

During the reporting period, SMA sold 10.7 GW of inverters compared to 7.5 GW a year earlier. Order backlog remains high at EUR 792 million, with EUR 332 million attributable to the product business.

CEO Jürgen Reinert expressed his satisfaction with the fact that the company managed to gain market share after generating significant growth in sales and earnings despite the pandemic and the declining market.

“As before, the Managing Board expects SMA to achieve its sales and earnings guidance in the current fiscal year. In the long term, we see great potential for SMA in the global restructuring of the economy toward more sustainability and ultimately climate neutrality,” he said.

In February, the company’s management board guided for a sales increase to between EUR 1 billion and EUR 1.1 billion, and EBITDA in the range of EUR 50 million-80 million.

(EUR 1.0 = USD 1.181)

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