Phoenix Solar reports 20% revenue drop for first half of 2017

German system integrator Phoenix Solar AG achieved a revenue of €42.4 million ($49.7 million) in the first six months of 2017. This is down 20.5% from the same period in 2016. The company, however, in the latest quarter was able to more than double the result it registered in the first quarter of this year achieving sales in the amount of €28.

Around €32.8 million of total quarterly revenue came from the United States, while the remaining turnover was achieved in Middle East, Europe and the Asia-Pacific Region. Shipments in the first half year reached 66 MW, a slight increase from 63 MW in the prior year.

Ebit loss for the first half of this year was €7.0 million, a considerable increase from €2.4 million a year earlier. On Wednesday, the company said it had to revised down its Ebit forecast, due to a delayed order. Phoenix Solar expects now the operating loss will range from €2.0 million to €1.2 million in 2017. Revenue for full fiscal year is expected to reach between €140 million and €170 million.

The company’s CEO Tim P. Ryan said: “The results of the first half year of 2017 are below our expectations. One must bear in mind however that in the project business volumes are always subject to delay, often based on permitting or other issues beyond our control. It is of the utmost importance to emphasize that our weighted global pipeline increased markedly to 444 MW by the end of June and achieved an unprecedented level of 500 MW by July.”