SolarWorld lowers Q3 EBIT loss to EUR 4m

Oct 29, 2014 - German solar equipment supplier SolarWorld AG (ETR:SWV) said Tuesday it has cut its third-quarter 2014 loss before interest and tax to EUR 4 million (USD 5.1m), thanks to a rise in sales to the US.

A year ago, the earnings before interest and tax (EBIT) result was a loss of EUR 36 million.

SolarWorld recorded consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 6 million versus a negative result of EUR 26 million in the third quarter of 2013, according to the company’s preliminary results.

Consolidated revenue rose by 26% year-on-year to EUR 181 million as groupwide module and kit shipments jumped by 50% to 270 MW during the three-month period. In quarter-on-quarter terms, group shipments climbed by nearly 40%. SolarWorld booked over 42% of its total shipments in the US, up from 22% in the third quarter of 2013, making it the firm’s largest individual market.

The company’s nine-month EBIT amounted to EUR 77 million against a loss of EUR 95 million a year back. Its top line for January-September improved 18% on the year to EUR 409 million, with group shipments rising 54% to 602 MW.

(EUR 1.0 = USD 1.274)

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