Connect with us

Hi, what are you looking for?

CleanTechnica
South Korean-German solar manufacturer Hanwha Q Cells published its second-quarter financial results this week, revealing decreased net revenues and a net loss. 

Clean Power

Hanwha Q Cells Reports Lower Second Quarter Amidst Shifting Solar Policies

South Korean-German solar manufacturer Hanwha Q Cells published its second-quarter financial results this week, revealing decreased net revenues and a net loss. 

South Korean-German solar manufacturer Hanwha Q Cells published its second-quarter financial results this week, revealing decreased net revenues and a net loss.

Hanwha Q Cells reported net revenues for the second quarter of $518.4 million, up 17% from the first quarter but down a significant 10.3% from the same quarter a year earlier. Similarly disappointing was the company’s net result, which swung wildly from $31.0 million in the first quarter and $18.7 million in the second quarter a year earlier, to a net loss of $41.3 million. Thus, earnings per share were -$0.50 for the second quarter.

The company’s CEO, Seong Woo Nam, explained that the second quarter “has been a difficult quarter for the industry” but remained confident that “the market will rebound and continue to grow in the long-term as solar becomes more and more competitive with other forms of generation.”

It was a tight quarter, and the company only managed to “modestly beat” its previous second-quarter guidance, according to Joo Yoon, Senior Vice President of Global Sales and Marketing, “despite the demand shock provided to the global market by the Chinese government’s policy shift.” However, Yoon believes that Hanwha Q Cells will be able to increase shipments in the second half of the year despite “contraction of demand in the world’s largest solar market and unfavorable trade environment.”

Looking forward, therefore, Hanwha Q Cells provided guidance of net revenues for the third quarter in the range of $590 to $610 million, while they left full-year shipping guidance unchanged at between 5,600 MW to 5,800 MW.

The company’s second-quarter earnings announcement comes less than a fortnight after the company announced it had received a “going private” proposal which is “still at the preliminary stage,” according to the company’s CFO, Jay Seo.


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

#1 most loved electric vehicle, solar energy, and battery news & analysis site in the world.

 

Support our work today!

Advertisement

Power CleanTechnica: $3/Month

Tesla News Solar News EV News Data Reports

Advertisement

EV Sales Charts, Graphs, & Stats

Advertisement

Our Electric Car Driver Report

30 Electric Car Benefits

Tesla Model 3 Video

Renewable Energy 101 In Depth

solar power facts

Tesla News

EV Reviews

Home Efficiency

You May Also Like

Cars

Germany saw plugin electric vehicle market share reach 22.1% in April 2021, with full battery electrics at 10.3%, their second highest ever share. The...

Cars

The Volkswagen ID.3 seems like it just hit the market, but the attention has already shifted to the Volkswagen ID.4, and that’s because the...

Batteries

Through 2060, pumped hydro storage will maintain its grid dominance, but redox flow technologies, lithium ion and many also-rans will deliver 3.6 TW.

Batteries

Only when all three technologies are considered do we see the full spectrum of storage requirements being met. Lithium-ion's limitations are balanced by pumped...

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.