Solarworld may miss 2014 sales target

Jul 29, 2014 - German group Solarworld (ETR:SWV) said Monday it had boosted its January-June revenues by 13% year-on-year to EUR 228 million (USD 306m) but warned it might not be able to reach its 2014 goal of EUR 680 million.

Citing preliminary figures the photovoltaics (PV) maker, which narrowly escaped insolvency last year, said that its international shipments grew thanks to contribution from the US, the UK and France. Nevertheless, sales of complete systems are “below plan” due to the weakness at its home solar market, which might affect the full-year revenue target. Solarworld still expects to meet its 2014 shipments forecast.

The PV firm saw its earnings before interest and tax (EBIT) reach EUR 81 million in the first six months of 2014 against a loss of EUR 59 million a year back. Adjusted for one-offs, the result was a negative EUR 19 million. Solarworld noted that it expects in 2015 " to be able to reach a positive operating result again."

First-half adjusted loss before interest, tax, depreciation and amortisation amounted to EUR 1 million, versus a profit of EUR 37 million a year earlier. Revenues climbed to EUR 228 million, but were slightly below the company’s earlier projections. Shipments rose by 53% to 357 MW.

(EUR 1.0 = USD 1.343)

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