SolarWorld preliminary Q3 results reveal 50% shipment increase

The pace of SolarWorld AG’s protracted fiscal recovery has quickened in the third quarter of 2014, according to preliminary financial results that reveal the company shipped 50% more modules in Q3 2014 than it did during the same quarter last year.

SolarWorld’s preliminary business report reveals that 270 MW of solar modules and kits were shipped worldwide in the third quarter, up from 180 MW in Q3 2013, and a 40% increase on the 193 MW shipped in Q2 2014.

Taking the first three quarter of this year together, SolarWorld’s shipment of 602 MW of solar modules represents a 54% increase on last year. By mid-September, the company surpassed the entire shipment volumes for 2013 as a whole (which totaled 548 MW).

The importance of the U.S. market grew even stronger in Q3, with 42% of all solar shipments placed Stateside (up from 22% in Q3 2013), while there has also been a "considerable" increase in solar module and kit shipments to Japan and SolarWorld’s leading European markets, the company confirmed.

Even domestically, SolarWorld has been able to "grow lightly" in Germany, raising its market share at home for the first time in many quarters.

SolarWorld’s consolidated revenue in the third quarter is preliminarily forecast as €181 million ($230 million), a figure that represents a quarter-on-quarter increase of 26%. For the year so far, consolidated revenue is up 18% on last year, reaching $519 million compared to $440 million between Q1 – Q3 2013.

Consolidated earnings before taxes, depreciation and amortization (EBITDA) are back in the black for the third quarter, reaching €6 million ($7.6 million). At this stage in 2013, SolarWorld’s EBITDA was negative €26 million (-$33 million).

Over the first three quarters of 2014, EBITDA has risen to €107 million ($135 million). This performance leaves the group with liquid funds of €151 million ($192 million) as of September 30, 2014 – a figure that accounts to recent interest payments made to the amount of €7 million.