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SMA profit up 508% in H1 2010

German inverter company SMA Group has reported a 508% jump in net profits for the first half (H1) of 2010 to €158.2 million.

The increase came as sales more than tripled to €815.8m, and the EBIT rose 528% to €219.9m.

The Photovoltaics Technology division saw sales of €801.5m, and the Medium Power Solutions segment was a main sales driver with sales of €699.1m.

Germany was the strongest market in terms of sales “due to the early adjustment of the feed-in tariff on 1 July 2010,” SMA says.

“Due to our high power of innovation and unique position in the solar market, we closed the first half year of 2010 with record results. In the forthcoming months, we will concentrate, in particular, on the increase in our production quantities and on the expansion of our technology and market leadership,” says CEO Günther Cramer.

“Our global presence helps us to benefit from the strong growth of the photovoltaics market. Therefore, we adhere to our sales and earnings forecast.”

Outlook

SMA has raised its sales forecast from €1.1-1.3 billion, to €1.5-1.8bn for full year 2010. The EBIT margin is expected to reach 24-27%.

SMA says it plans to invest a total of €160m in 2010 with €90m in land and buildings, €52m on acquisition of machinery and equipment, and €18m in tangible assets.

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