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SMA Solar Technology Swings To Profit On Sales Growth Of 23% In 9-Month Period

SMA Solar Technology AG (SMTGF.PK) reported a turnaround to profit on 23% sales growth for the 9-month period ended September 2020, despite COVID-19 crisis.

Sales for the period grew 23% to EUR 774 million from EUR 631 million generated in the prior year period.

Net income was EUR 9 million or EUR 0.27 per share compared to a loss of EUR 11 million or EUR 0.30 per share last year.

The company's order backlog remains high despite coronavirus crisis at EUR 792 million, with EUR 332 million attributable to product business.

For fiscal 2020, the company expects a sales increase to between EUR 1.0 billion and EUR 1.1 billion and EBITDA between EUR 50 million and EUR 80 million. In addition, the company said it believes that it is well positioned to gain further market share even in the current circumstances.

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