SMA Solar Technology Posts HY Profit

SMA Solar Technology Posts HY Profit

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Solar energy equipment supplier SMA Solar Technology AG (SMTGF.PK) reported that its net income for the first half of 2020 was 3 million euros, compared to net loss of 14 million euros in the prior year. Earnings per share were 0.08 euros compared to a loss of 0.41 euros in the previous year.

EBITDA was 24 million euros, considerably higher than the comparative figure for the previous year.

The company sold PV inverters with a total output of around 7.1 GW compared to 4.0 GW last year.

Sales increased by 42% to 514 million euros from last year’s 363 million euros, due to the strong project business in the U.S. and the ongoing positive trade business in Europe.

Despite the continuing coronavirus crisis, the SMA confirmed its sales and earnings guidance for the 2020 fiscal year. It predicts a sales increase to between 1.0 billion euros and 1.1 billion euros.

The company said it is implementing further cost reduction measures.

The company still expects an increase in EBITDA to between 50 million euros and 80 million euros.

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