Solarworld May Not Reach Sales Goal Even as First Half Improves

Solarworld AG (SWVK) said it may not reach its sales target for the full year even as it shipped more solar modules to customers in the first half.

While shipments of modules grew 53 percent to 357 megawatts in the first six months compared to the same period last year, sales of complete systems were below target mainly due to the weakness of the German solar market, the Bonn-based company said today in a statement.

“If shipments in the second half of 2014 continue to shift towards the module delivery business as in the previous course of the year, it will be likely from today’s point of view that the target to raise the consolidated revenue in 2014 to more than 680 million euros ($914 million) in the second half of 2014 will not be fully reached,” the company said.

Solarworld confirmed its target to return to operating profit next year. It said first-half sales rose 13 percent to 228 million euros. Earnings before interest, taxes, depreciation and amortization after one-offs reached 1 million euros compared to a loss of 37 million euros last year after the company experienced “dynamic business development” in the U.S., the U.K. and France.

Solarworld anticipates a “positive result of a three-digit million euro amount” this year including one-offs.

To contact the reporter on this story: Stefan Nicola in Berlin at snicola2@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Jim Efstathiou Jr.

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