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German photovoltaic (PV) inverter maker SMA Solar Technology AG (ETR:S92) swung to a net profit of EUR 103.5 million (USD 114m) in the first half of 2023 from a EUR-10.6-million loss a year ago as sales increased significantly.
Sales grew by 65.1% year-over-year to EUR 778.9 million, at the upper end of the range provided in June. Turnover at the Home Solutions segment more than doubled to EUR 327.3 million, while at the Commercial & Industrial Solutions segment it rose by 64% to EUR 194.2 million, and at the Large Scale and Project Solutions segment it increased by 18.1% to EUR 257.4 million.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) expanded to EUR 125.3 million from EUR 15.9 million a year ago, with EBITDA margin climbing to 16.1% from 3.4%. This reflects “both the increase in sales as a result of improved material supply on the supplier side and the associated fixed cost degression in production, as well as a continued high-margin product mix,” the company said on Thursday.
All segments posted positive EBIT, returning to profitability earlier than planned, it added.
According to chief executive Juergen Reinert, the first-half results “shows that we are optimally positioned with our diversified business model as a systems and solutions provider serving three segments.” The company will grow by adding 20 GW of capacity from 2025 through its new gigawatt factory.
SMA Solar maintained its previously increased 2023 guidance, calling for sales in the range of EUR 1.7 billion to EUR 1.85 billion and EBITDA of between EUR 230 million and EUR 270 million.
(EUR 1 = USD 1.102)
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