Hanwha SolarOne Falls After Cutting Shipment Forecast
Hanwha SolarOne Co. (HSOL), a Chinese solar-panel manufacturer, fell the most in more than a week after the company reported a wider third-quarter loss and reduced its forecast for panel shipments.
Hanwha’s American depositary receipts fell 4.2 percent to 92 cents at the close in New York, the most since Nov. 30. The Qidong, China-based company’s ADRs are each worth five ordinary shares.
The company reported a net loss of 322.1 million yuan ($51.6 million), compared with a loss of 177.6 million yuan a year earlier, according to a statement today. Revenue fell 33 percent to 966.1 million yuan.
Hanwha is facing “challenging industry conditions,” including a global glut that boosted its inventories and dragged down panel prices 21 percent industrywide in the past year, Chief Executive Officer Hong Ki-Joon said in the statement. Demand is slowing as U.S. and European governments reduce support for alternative energy.
Hanwha expects to ship 825 megawatts to 850 megawatts of panels this year, down from a previous forecast of 900 megawatts to 1 gigawatt.
Hanwha Group, the Korean conglomerate that owns the solar company, acquired the German solar manufacturer Q-Cells SE in October to expand its renewable-energy operations.
To contact the editor responsible for this story: Reed Landberg at email@example.com