Solarworld Gets Sales Boost From U.S. Growth, Weaker EuroStefan Nicola
Solarworld AG, Germany’s biggest solar-panel maker, said sales jumped 50 percent in the first quarter following growth in the U.S. and a depreciation of the euro.
Revenue increased to 149 million euros ($161 million) from 99 million euros a year earlier, the Bonn-based company said Monday in a statement. U.S. shipments surged to 116 megawatts from 43 megawatts.
Solarworld is ramping up supplies to U.S. project developers, which have benefited from tumbling costs for solar panels. A weaker euro also buoyed sales because dollar customers paid less for German products than a year earlier.
The company increased total shipments by 44 percent to 202 megawatts in the quarter as expansion in Japan, Australia and South Africa added to U.S. growth and helped counter the sluggish European business. Solarworld is targeting at least 1 gigawatt of sales this year, compared with 848 megawatts in 2014.