SMA Solar H1 Profit, Order Backlog Down; Confirms Weak Outlook For FY24

(RTTNews) - SMA Solar Technology AG (SMTGF.PK), a German solar energy equipment supplier, reported Thursday that its first-half net income declined to 44.1 million euros from last year's 103.5 million euros.

Earnings per share were 1.27 euros, compared to prior year's 2.98 euros.

Earnings before interest and taxes or EBIT for the period amounted to 56.2 million euros, down from 106.1 million euros in the same period of the previous year. EBIT margin was 7.4 percent, lower than 13.6 percent a year earlier.

Earnings before interest, taxes, depreciation and amortization or EBITDA declined to 80.6 million euros from prior year's 125.3 million euros. EBITDA margin also dropped to 10.6 percent from 16.1 percent a year ago.

According to the company, the main reasons for the change in earnings were the reduced sales volumes, the change in the product mix, and an increase in the Group's cost base.

Group sales reached 759.3 million euros, slightly below the previous year's 778.9 million euros.

The order backlog was 1.35 billion euros as of June 30, 2024, down from 2.45 billion euros a year ago.

Looking ahead, the company confirmed its revised 2024 guidance from June 18. SMA continues to expect sales between 1.55 billion euros and 1.70 billion euros, and EBITDA between 80 million euros and 130 million euros.

In 2023, the company's sales were 1.90 billion euros and EBITDA was 311 million euros.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.