Centrosolar and aleo report mixed Q3 results09. November 2011 | Industry & Suppliers, Markets & Trends | By: Becky Stuart
Both Germany-based Centrosolar Group AG and aleo solar AG have reported some positives in their third quarter (Q3) 2011 results. The companies did not escape unscathed, however, with losses experienced, revised revenue guidance announced and production scalebacks.
While Centrosolar experienced revenue drops, from €101.7 million in Q3 2010, to €72.9 million this quarter, it did achieve a positive operating result, at €1.7 million.
This may be encouraging, but the figure has slipped from the €3.2 million seen in Q2 2011. However, the company’s first half losses, which stood at €4.9 million have now been reduced to €3.2 million. Again, this may be good news in the current market, but it pales in comparison to last year’s €24.3 million profit.
Centrosolar went on to say, that despite the gloomy market, its international business was successfully expanded. As such, Q3 2011, saw 74 percent of its revenue being generated in markets outside of Germany, as opposed to 64 percent in Q3 2010.
In terms of the full year 2011, the company expects to secure revenues of around €300 million. It also remains confident about securing further improvements in its Q4 operating profit on the back of a recovery in demand.
Reduced revenue forecast
Aleo solar has experienced a shakier quarter than Centrosolar, with revenues having decreased from a healthy €412.1 million in the first nine months of 2010, to €344.6 million in the same period this year. While still positive, EBIT tumbled from €40.3 million in 2010, to just €7.4 million in 2011. EBIT margin, on the other hand, fell from 9.8 percent last year, to 2.2 percent.
Consequently, the company has scaled back production and halted the use of temporary workers this month. It has also revised its full year 2011 revenue forecast down, from revenues of €515 million to €440 million. Meanwhile, it now expects earnings to be negative.
Despite the negative figures, aleo did grow its international business, with the company reporting that revenue grew "more than four-fold in Belgium, nearly doubled in Greece and rose substantially in Italy and France." Overall, international revenue is said to have risen from €118.6 million in the first nine months of 2010 to hit €183.5 million in 2011.
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