NIESTETAL (dpa-AFX) - Germany-headquartered SMA Solar Technology (SMTGY) on Thursday reported lower revenues and earnings in the nine months ended September 2022.
Net income for the nine-month period was 11 million euros or 0.32 euro per share, lower than 15.3 million euros or 0.44 euro per share in the corresponding period of the previous fiscal.
Net income for the quarter, however, surged to 21.6 million euros or 0.62 euro per share, from 2 million euros or 0.06 euro per share in the prior period. The latest results reflected a one time gain from sale of properties.
Sales declined 2.8 percent to 724.1 million euros, from 744.9 million euros in the prior period which the company has attributed to project delays in the Large Scale and Project Solutions segment. Sales in the third quarter decreased to 252.3 million euros, from 256.7 million euros in the prior period.
For the 2022 fiscal, the company narrowed down the sales expectation to range between 975 and 1050 million euros, from the earlier guidance between 900 and 1050 million euros.
The EBITDA guidance is set at 60 to 75 million euros. The previous guidance was between 10 and 60 million euros.
The EBIT guidance has been narrowed to range between 22 and 37 million euros versus the -30-to-20- million euro earlier.
Shares of SMA Solar Technology were last traded at $5.68.
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