27 Mar '14, 3pm

Top Inverter Maker SMA Loss Wider Than Expected after Solar Market Shifts

Top Inverter Maker SMA Loss Wider Than Expected after Solar Market Shifts

SMA incurred a net loss of 67 million euros ($92 million) in 2013, the Niestetal-based company said today in a statement. That compares with the 62.4 million-euro-loss average estimate by seven analysts surveyed by Bloomberg. The shares fell the most in a month. SMA is the top maker of inverters, which convert solar power for use on the grid. “In order to remain the No. 1 supplier, it is critical for SMA that it delivers on its promises of cost reduction and expansion into China, Japan” and emerging markets, Cormac Gilligan, a solar analyst at IHS Inc., said in an e-mailed statement. SMA has cut jobs and is reducing costs in a bid to counter falling sales in Europe. It expects revenue to improve to as much as 1.3 billion euros this year from 933 million euros and an operating profit of as much as 20 million euros even as price pressure accelerates amid subsidy cuts in the ...

Full article: http://www.renewableenergyworld.com/rea/news/article/2014...

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