SMA Solar Technology Q1 Profit Falls; Backs FY22 Outlook

SMA Solar Technology AG (SMTGF.PK), a German solar energy equipment supplier, on Wednesday posted a decrease in net income for the first quarter, reflecting a decrease in sales as global chip shortage persists.

In addition, for the fiscal 2022, the company has reiterated its guidance.

For the first three-month period of 2022, solar firm posted a net income of 3 million euros or 0.09 euro per share, compared with 8 million euros or 0.23 euro per share, reported for the same period of previous year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) were at 15 million euros as against 20 million euros, year-on-year basis.

Following a continued tight supply of electronic chips, SMA Solar recorded a decline in sales for the quarter at 220.6 million euros, compared with 240.4 million euros of previous year.

For the fiscal 2022, SMA Solar continues to expect its sales of to be in the range of 900 million euros - 1.050 billion euros with an EBITDA of 10 million euros - 60 million euros.

Chief Executive Officer Jürgen Reinert, said: "…Despite the ongoing strained supply situation in relation to electronic components, we expect to record most of the product-related order backlog as sales by the end of the year. In the coming years, we are anticipating significant market growth both for our core business of photovoltaics and for battery-storage systems, energy management, e-mobility and hydrogen production as fields for the future. SMA will be able to profit from that once the component shortage has been overcome."

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