SolarWorld continues to lose ground
SolarWorld has released financial results for first quarter of 2013 and the company continues to struggle. Most notable was the decline in the local German market. The company cites restructuring processes but has struggled to maintain market share of volume.
In the first three months of the year, SolarWorld AG sold fewer solar power modules and kits than in the same quarter last year. Groupwide shipments reached 109 MW in the first quarter of 2013 (Q1 2012: 147 MW). The company recorded the biggest downturn in the domestic market of Germany. Main reasons were the unusually severe and long winter weather as well as the continuing restructuring process of SolarWorld. Declining shipments and persistent price pressure have also led to a reduction in the consolidated revenue compared to the first quarter last year. Including the solar wafer business, SolarWorld AG achieved a total revenue of EUR 112.2 (Q1 2012: EUR 170.5) million.
Consolidated earnings before interest and taxes (EBIT) fell to EUR -36.2 (Q1 2012: EUR 26.6) million. Consolidated earnings for the first quarter declined to EUR -40.0 (Q1 2012: EUR -0.3) million.