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Phoenix Solar’s net income soars in Q2 2010

Phoenix Solar’s net income soared from €1.1 million in the second quarter (Q2) in 2009 to €15.9m in Q2 2010.

The jump in net income came as revenues more than doubled (+145%) to €283.6m, and the EBIT grew more than ten-fold to €22.3m.

The Components & Systems segment contributed 56.6% of the revenues, and 43.4% came from the Power Plants segment of Phoenix Solar. International business rose to 13.2% of revenues, compared to 3% in Q2 2009.

Phoenix Solar says the company has benefited from strong developments in international markets, and the reduction in the German feed-in tariff in July.

Outlook

Phoenix Solar says it expects Q3 to be much weaker than Q2.

“Phoenix Solar anticipates that revenues will decline significantly in the months of July and August owing to upfront buying effects and the holiday period but will rise again from September onwards. A year-end rally generating high revenues is expected in the fourth quarter.

“Owing to demand still running high, the pressure on selling prices appears at the same time to be moderate, with the result that prices can be expected to remain stable or decline slightly over the period to the end of the year,” Phoenix Solar says.

Full year revenues are expected to be in the range of €660-700m with 20% coming from international markets. 2010 EBIT is expected to reach €36-40m.

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