German solar inverter maker SMA Solar Technology AG (ETR:S92) reported a EUR-18.8-million (USD 21.5m) net profit for the first quarter (Q1) of 2016 and said all core segments were profitable.
The result compares to a loss of EUR 7.9 million in Q1 2015. The table contains more of SMA’s financial results released today.
|Figures in EUR
||Q1 2016 result
||Q1 2016 forecast
||Q1 2015 result
|Gross cash flow
|Earnings per share
||23 - 27 million
||235 - 240 million
|Sold PV inverter output
The segment for commercial PV systems (Commercial) achieved an over 50% increase in sales and returned to profitability. It was the main growth driver for SMA in the period. The Residential Utility segments and Service business developed stably and were also profitable.
SMA Solar said its international share has increased further to 92.4% from 88.0% a year earlier.
Recently, the company signed an agreement for a EUR-100-million loan that will help the company expand its service business. Earlier it announced the acquisition of a 27% stake in US firm Tigo Energy Inc to tap into the market for smart module technology.
At the end of March, SMA had an order backlog of EUR 691.6 million. It affirmed its forecast for 2016 sales of EUR 950 million to EUR 1.05 billion and an EBIT to between EUR 80 million and EUR 120 million.
(EUR 1 = USD 1.142)
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