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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