SolarWorld's 9mo performance gives hope for better 2015 results

SolarWorld AG (ETR:SWV) said Thursday it has reduced its loss before interest and tax during the first three quarters of 2015 as its top line climbed 30%, and added it expects to exceed its prior full-year guidance for shipments and revenue.

According to preliminary results, the German photovoltaics (PV) maker has lowered its loss before interest and tax to EUR 18 million from EUR 29 million a year back, which was adjusted for one-off effects. Moreover, in September alone the company managed to record positive operating earnings before interest and tax (EBIT), a milestone it expects to achieve again during the fourth quarter.

Earnings before interest, tax, depreciation and amortisation (EBITDA), meanwhile, improved to EUR 15 million from EUR 1.5 million. For the full-year, the company anticipates to register EBITDA that is significantly above the EUR 1.6 million booked in 2014.

January-September revenues jumped by 30% year-on-year to EUR 532 million following a 25% increase in groupwide shipments to 755 MW. SolarWorld noted that the US was its largest individual market during the whole period.

The company projects that it will exceed its previous forecast for 2015 shipments of 1 GW and group revenue of EUR 700 million. However, this will not be enough for the firm to swing back to profitability, with EBIT remaining negative regardless of its anticipated considerable improvement.

(EUR 1.0 = USD 1.097)

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