SolarWorld says will probably not reach 2014 revenue target

Aug 14, 2014 - German solar equipment supplier SolarWorld AG (ETR:SWV) said today it will surpass its 2014 shipment target but most likely will not be able to meet its projections for annual revenues of over EUR 680 million (USD 909m).

The company, which makes solar wafers, cells and modules, also expects to book a full-year net profit in the three digit million euro range, including one-offs. For the first half of 2014, the company posted a net profit of EUR 497.9 million against a loss of EUR 71.4 million a year back, helped by solid gains from its financial restructuring.

The solar firm explained it does not expect to reach its 2014 revenue target due to the shift in its product mix and sector price reductions. Still, shipments of modules and kits are seen to grow by over 40% year-on-year to more than 767 MW in 2014.

In the first half, revenues went up by 13% year-on-year to EUR 228 million and modules and kits shipments reached 333 MW.

SolarWorld also reaffirmed its forecast for a positive operating result in 2015.

(EUR 1.0 = USD 1.336)

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