SolarWorld reduces losses despite 25% drop in revenue drop, expects 40% turnover growth for 2014

German module manufacturer SolarWorld AG shipped 588 MW of modules in 2013, down from 608 MW in 2012, according to preliminary results. The company attributes last year’s decline in sales to a reluctance to buy caused by the company’s restructuring process, which was successfully completed on Feb. 24, 2014. SolarWorld recorded an increase in sales to European export markets, the US, Japan and South Africa in 2013, but sales within Germany were down.
In addition to the lower shipment volume, average selling prices were down in 2013, which further impacted revenue. The company recorded consolidated revenue for 2013 of €456 million ($626 million), down from €606 million a year earlier, according to preliminary results. Despite the decline in revenue, SolarWorld narrowed its operating loss to €147 million from €620 million a year earlier.
Looking forward, SolarWorld forecasts an increase in module and kit shipments of at least 40% year on year in 2014. The company also expects to grow its revenue to more than €680 million this year. SolarWorld does not expect to achieve a positive operating result until fiscal year 2015, however – the company forecasts a EBIT of negative €35 million to negative €20 million for 2014.

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