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SolarWorld profit slumps 77.8% in Q1 2010

SolarWorld profit slumps 77.8% in the first quarter of 2010 to €5.3 million.

SolarWorld says the fall was reduced by a 28% increase in revenue to €225.6m on increased shipments, which amounted to 139 MW, up 22%. EBIT fell 34% to €24.8m.

Germany saw a surge in shipments as Germans want to get their systems connected to the grid before the feed-in tariff reduction takes effect on 1 July.

Frank H. Asbeck, Chairman and CEO, says: “We will continue to grow and want to sustainably exceed the one billion revenue mark in 2010. We can and will maintain these targets – the first quarter of the year has shown this. To this end we will invest in our processes and procedures, in the expansion of our international locations, and our research and development and in the quality of our products.”

Outlook

SolarWorld says: “The objective is to expand the market position we have achieved. This is why we will increase our production capacity from wafers, via cells all the way to modules as scheduled in the years 2010 and 2011.

“In the process, we will particularly boost our module capacities at the Freiberg, Germany, and Hillsboro, USA, sites as well as substantially increase the capacity of our joint venture in South Korea.”

The solar company expects further increases in worldwide shipments, and for the production volume to increase 30% in 2010.

“We are planning to substantially exceed last year’s revenue level of €1 billion,” SolarWorld adds.

Revenue by region:

  • Germany: €150.7m, +69%
  • Rest of Europe: €45.4m, -0.4%
  • USA: €13.4m, +41%
  • Asia: €12m, -60%
  • ROW: €4.1m, +78%

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