In Q1 2012, SolarWorld managed to increase its solar module shipments from 99 megawatts (MW) in Q1 2011, to 146 MW in its trade business. While positive, its Production Germany segment recorded a decrease of both wafers and modules, from 185 MW in Q1 2011, to 147 MW.
"In light of the strong business in Germany, the groupwide foreign share of shipments decreased to 45 (Q1 2011: 77) percent," said the company in a statement released.
Due to the poorly performing wafer sector and continued price decreases, SolarWorld saw group revenues tumbling from 233 million in Q1 2011, to 170.5 million in Q1 2012. EBIT, however, grew from 27.9 million, to 31.5 million in the same period. Meanwhile, consolidated profits totaled 7.2 million in Q1 2012, compared to 12.5 million in Q1 2011.
"In the first quarter of 2012, the international solar industry was under pressure. In Germany, our results were affected by pull-forward effects in the first three months, which were once again triggered by politics," said CEO, Frank Asbeck. He added, "In addition to further internationalization of SolarWorld, we are focusing on innovations ‘Made in Germany’ and ‘Made in USA.’"