In the third quarter of 2011, SolarWorld AG was able to report an increase in shipments over the same quarter of the previous year. Revenue amounted to € 237.8 (Q3 2010: € 342.1) million. EBIT was at € 20.6 (Q3 2010: € 49.8) million. The consolidated net income ran to € -9.0 (Q3 2010: € +19.9) million due to losses in the United States that did not reduce our taxes.
In the first nine months of the year, SolarWorld AG also increased its shipments to 576 (Q1-Q3 2010: 568) MW. Revenues of € 772.9 (Q1-Q3 2010: € 958.3) million fell short of the previous year’s level. The operating profit (EBIT) in the first nine months amounted to € 88.7 (Q1-Q3 2010: € 133.6) million. Consolidated net income amounts to € 13.4 (Q1-Q3 2010: € 54.7) million.
“In the entire market, the demand in the third quarter of 2011 developed worse than expected,“ explained Dr.-Ing. E. h. Frank Asbeck, Chairman and CEO of SolarWorld AG. “We did not remain unscathed by the price declines caused by the strong surplus supply mainly from state-subsidized low-price providers. Therefore, we welcome the official initiation of the investigation against unfair trade practices by Chinese manufacturers in the United States.”
In spite of declining prices, the overall market failed to pick up again. “In Germany, for example, the market is expected to decline by about one third from 7.5 GW to probably 5.0 GW for the entire year 2011,“ says Dr.-Ing. E. h. Frank Asbeck.
Despite the weakening global markets, SolarWorld AG was able to slightly increase its shipments and will easily exceed the 1 billion € revenue mark in 2011. Due to the negative price framework, however, SolarWorld AG will probably not reach prior year's revenue level of € 1.3 billion.