Third quarter of 2019 has been generally positive for SMA
From January to September 2019, SMA Solar Technology AG has sold PV inverters with a total output of around 7.5 gigawatts (Q1-Q3 2018: 6.2 gigawatts). Sales increased by 9.7 per cent year on year to 630.8 million euros (Q1-Q3 2018: 575.1 million euros). The increase in sales is attributable in particular to very good business performance of all segments in the third quarter. In this period, sales in all segments were up significantly compared to the previous year’s figures. From January to September 2019, earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to 25.7 million euros (EBITDA margin: 4.1 per cent; Q1-Q3 2018: 50.5 million euros, 8.8 per cent; the previous year’s earnings included substantial positive one-time items).
Net income came to –10.5 million euros from January to September 2019 (Q1-Q3 2018: 8.5 million euros). Earnings per share thus amounted to –0.30 euros (Q1-Q3 2018: 0.24 euros). With net cash of 259.1 million euros (December 31, 2018: 305.5 million euros) and an equity ratio of 40.5 per cent (December 31, 2018: 42.9 per cent), SMA continues to have a solid balance-sheet structure.
Product backlog of 429 million euros
“In the first nine months of the year, SMA’s business performance developed as anticipated by the Managing Board,” said SMA Chief Executive Officer Jürgen Reinert. “After a modest development in the first half of the year, we posted significant growth in sales and earnings in the third quarter, as expected. It is particularly pleasing to see that we again generated positive earnings before interest and taxes from July to September for the first time since the second quarter of 2018. Order intake is also continuing to develop positively. As of September 30, 2019, SMA had a product-related order backlog of around 429 million euros. In this context, the Managing Board expects that we will reach the top quarter of our sales guidance for the 2019 fiscal year and that the good performance in the first quarter of 2020 will continue.”
The SMA Managing Board confirms its sales and earnings guidance for the 2019 fiscal year and predicts sales of 800 million euros to 880 million euros. The Managing Board expects SMA to reach the top quarter of its sales guidance and estimates that EBITDA will amount to between 20 million euros and 50 million euros. Depreciation and amortisation are expected to be approximately 50 million euros. (mfo)