Germany-based solar energy equipment supplier SMA Solar Technology reported a net income of €76.94 million (~$82 million) during the third quarter (Q3) of 2023, a year-over-year (YoY) increase of 256% from €21.59 million (~$23 million).
Revenues from the large-scale and project solutions and commercial and industrial solutions segments substantially improved profitability during the third quarter.
The company said all segments delivered positive results, with the Home Solutions segment maintaining its leadership position.
The company’s sales for the quarter stood at €558.46 million (~$596 million), an increase of 121 % YoY.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the company was recorded at €231.2 million (~$246.5 million), a YoY increase of 360% from €50.2 million (~$53.5 million).
“We are extremely satisfied with our business performance in the first nine months of the year,” said Dr. Jürgen Reinert, CEO of SMA. “Our growth across all segments indicates that we are on the right track with our clear focus on customer centricity and realignment of SMA along the core processes in the segments. The same applies to our strategic action areas, such as storage solutions, which are becoming increasingly relevant for our customers. We’ve already successfully augmented our core business, for example, with our SMA Home Storage battery, which we unveiled in June at Intersolar.”
The net income registered an increase to €180.4 million (~$192.5 million), marking a growth of 1,540% YoY from €11.0 million (~$11.7 million).
SMA Group has witnessed increases in both sales and earnings during the initial nine months (9M) of the year. The positive performance can be attributed to an enhancement in production capacity utilization. This, in turn, led to fixed cost degression, given the increased sales volume.
Sales for the period surged to €1.34 billion (~$1.4 billion), marking an increase of 84.8% YoY from €724.1 million (~$772.4 million).
EBITDA reached €231.2 million (~$246 million), representing a growth of 360.6% compared to the €50.2 million (~$53.5 million) reported in 9M of 2022.
At the end of September 2023, the company maintained a substantial order backlog, standing at €2 billion (~$2.13 billion), reflecting a YoY increase of 17.6% compared to €1.7 billion (~$1.8 billion).
Material shortages and supply chain disruptions negatively impacted the sales and financials of SMA Solar during 1H of 2022. SMA Solar had recorded total sales of €472 million (~$514.59 million), a YoY dip of 3.27% from €488 million (~$532.04 million).
Mercom recently reported on how solar inverter suppliers remained optimistic and managed to meet the increasing demand even with the global chip shortage.
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