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SMA Solar Technology 9-month Profit Down

Solar energy equipment supplier SMA Solar Technology AG (SMTGF.PK) reported that its net income for the period from January to September 2017 declined to 25.0 million euros from last year's 36.9 million euros. Earnings per share dropped to 0.72 euros from 1.06 euros in the previous year.

Earnings before interest and taxes or EBIT dropped to 15.6 million euros last year's 59.4 million euros.

Sales decreased to 592.5 million euros from 708.8 million euros in the prior year. The main cause of this was the weak business with central inverters for large-scale PV power plants in North America.

From January to September 2017, SMA SolarTechnology sold PV inverters with a total output of 5.9 GW, thereby surpassing the previous year's 5.7 GW.

"…... We expect strong end-of-year business and are confident about achieving our objective for the year. However, due to a supply shortage of critical components we will probably come in at the lower end of the sales guidance. With Strategy 2020, we are going one step further. As an energy service provider, we want to benefit from the digitization of the energy industry in the future," said SMA CEO Pierre-Pascal Urbon.

The SMA Managing Board specifies its guidance for the 2017 fiscal year. The guidance now forecasts sales of more than 900 million euros and unchanged EBITDA of between 85 million euros and 100 million euros. Net cash is expected to rise to more than 450 million euros reflecting to high operating cash flow.

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