Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Power

Q3 Earnings: Hanwha SolarOne Sees Another Disappointing Quarter

Chinese solar manufacturing company Hanwha SolarOne  has announced disappointing third quarter earnings, blaming “prevalent industry trends” for the less than stellar report.

Total revenue for the third quarter was up on Q2’14 figures, increasing from $178.5 million to $195.2 million on an increase in shipments from 339.5 MW to 373.2 MW.

Q3-HanwhaSolarOne1

However, according to Seeking Alpha, the company missed both its “top line and bottom line expectations,” suffering a loss of $0.36 per share.

“Our third quarter results reflect the prevalent industry trends in place: record shipments due to strong demand, lower average selling prices reflecting an increasing proportion of business in China and the negative impact of a strong U.S. dollar in relation to the Yen and Euro,” said Seong-woo Nam, Chairman and CEO of Hanwha SolarOne.

“Our revenues improved over 8% quarter-to-quarter in spite of lower pricing. We achieved more than a 3% reduction in production costs quarter-to-quarter, which was not fully reflected in profitability due to the more rapid decline in product pricing.”

Q3-HanwhaSolarOne2

2014 Guidance Nothing Special

Guidance for the following quarter is still promising, and the company’s stock hasn’t taken too much of a hit on the NASDAQ. Hanwha SolarOne is predicting module shipments between 400 and 425 MW in the fourth quarter, full-year completed shipments between 1.43 and 1.46 GW, and capital expenditures of $80 million.

“The outlook for the fourth quarter is good,” commented Seong-woo Nam. “We expect a new record in module shipments, stable to improving average selling prices due to strong module demand and tight supply, and an increase in the proportion of modules sold to higher-priced markets, such as the EU and U.S. We also aim to further reduce manufacturing costs, which should further increase profitability. We also expect to begin development of our first IPP project.”

Modest Accomplishments

“There were a number of accomplishments on the manufacturing front,” Seong-woo Nam added. “We began commercial production of our next generation S Series modules, fully automated a number of existing module lines, and made significant progress towards installing up to 500 MW of new capacity for both cells and modules. We continue to upgrade the manufacturing equipment at our ingot and wafer plant, which has improved efficiency and lowered costs.”

Hanwha Solarone doesn’t appear all that often in our coverage. However, a few weeks ago, the Silicon Valley Toxics Coalition sent out its PV solar scorecard, registering Hanwha SolarOne as having a “cloudy” score.

More Hanwha SolarOne news.

Hanwha SolarOne’s website.

 
Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
 

Advertisement
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

Comments

You May Also Like

Clean Power

South Korean solar PV manufacturer Hanwha Q CELLS announced last week its third-quarter financial results for 2018, and it was almost universally bad news...

Clean Power

Chinese solar PV manufacturer Jinko Solar announced its third-quarter earnings earlier this week revealing better than expected earnings and revenues thanks in part to...

Clean Power

Canadian Solar, one of the world's largest solar power companies, announced its third-quarter financial results on Thursday, revealing middling performance which saw the company...

Clean Power

One of the world's leading residential solar companies, Sunrun, posted its third-quarter earnings on Wednesday to mixed reception, reporting that it installed 100 megawatts...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.