US solar installer Sunworks Inc (NASDAQ:SUNW) last week reported a second-quarter 2017 net profit of USD 1.07 million (EUR 910,000), up by 43.5% year-on-year despite lower revenues.
CEO Chuck Cargile said a cut to operating expenses and strengthened back-office systems and internal controls helped improve profitability. “Our backlog for scheduled installations remains strong and our pipeline for new sales is robust, giving us confidence for even greater profitability in the second half of this year,” the company’s head added.
Sunworks, which offers solar power solutions for agriculture, commercial and industrial, and residential markets, returned to profit after a loss of USD 2.9 million in the first quarter of 2017.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell to USD 1.7 million from USD 2.96 million a year ago, mainly because of significantly reduced stock-based compensation. Revenue contracted by 19.3% year-on-year, while growing by 73.6% quarter-on-quarter, to USD 25 million. The gross margin was 26.9%, down from 29.4% a year earlier and up from 19.4% a quarter earlier.
Sunworks’ backlog at the end of June stood at USD 58.2 million.
(USD 1 = EUR 0.85)
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