SolarWorld turns to positive EBIT in Q2 2016

German solar products maker SolarWorld (ETR:SWV) has turned to earnings before interest and tax (EBIT) of EUR 6.6 million (USD 7.3m) in the second quarter of 2016 from a loss of EUR 4.2 million a year back, preliminary statistics show.

The company, which faces damages of USD 793 million (EUR 714m) in its legal dispute with US polysilicon supplier Hemlock Semiconductor, saw its earnings before interest, tax, depreciation and amortisation (EBITDA) rise to EUR 18.5 million in April-June 2016 from EUR 7 million a year earlier. Second-quarter consolidated revenue increased to EUR 222 million from EUR 171 million as groupwide shipments grew by 39% to 342 MW.

For the first half of the year, SolarWorld posted a loss before interest and tax of EUR 3.1 million, reduced from EUR 12.2 million in H1 2015. The EBITDA result improved to EUR 20.5 million from EUR 9.9 million. Group revenue climbed to EUR 434 million from EUR 320 million, whilst shipments jumped 50% to 682 MW.

The company expects its full-year EBIT result to range from a loss of EUR 10 million to earnings of EUR 10 million. It still anticipates an year-on-year increase of over 20% in full-year shipments compared to the 1,159 MW registered in 2015. SolarWorld strives to reach up to EUR 1 billion of revenue this year.

(EUR 1.0 = USD 1.111)

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