SolarWorld Reports Increased Shipments And Revenue In Q1’16
German solar PV manufacturer SolarWorld reported increased shipments and revenue in its first quarter earnings report for 2016.
Specifically, SolarWorld increased shipments by 62% in the first quarter to 341 MW, compared to 210 MW in the first quarter a year earlier. SolarWorld said that shipments “grew strongly” in the US, Germany, and in the European export market.
SolarWorld revenue similarly increased 42% to €212.6 million in the first quarter compared to a year earlier, which sat at €149.1 million.
Improvements in the company’s operating performance saw its EBITDA remain relatively stable at €2.1 million.
The future remains relatively promising for SolarWorld, as it started the second quarter 2016 with a backlog of more than 540 MW, which pushed its 2016 shipments on the books to more than 880 MW. This allowed SolarWorld to confirm its guidance for 2016 — expecting to increase company shipments and revenue by more than 20%, and aiming for €1 billion in revenue.
SolarWorld’s liquidity at the end of the quarter sat at €182.7 million, down from €188.6 million in Q4’15. Whether or not investors were hoping for more liquid funds, or a more impressive EBITDA, is unsure, but SolarWorld shares tumbled at the end of the day on Monday, following the company’s release of its earnings figures, dropping 7%.
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