SolarWorld revenue up, earnings down
SolarWorld AG said international shipments increased in the first half, thanks to continued growth from the company's Hillsboro-based U.S. operations.
German-solar panel-maker SolarWorld AG on Thursday said its annual revenue jumped 12.5 percent last year, though earnings fell 32 percent due to declining prices for solar modules.
Bonn, Germany-based SolarWorld — which maintains its primary North American manufacturing plant in Hillsboro — reported 2009 sales of just over 1 billion euros ($1.34 billion), up from 900.3 million euros ($1.19 billion) last year.
Income fell to 91.4 million euros ($121.5 million) from 135.2 million euros ($179.8 million) a year earlier, led by the declining sales prices of solar modules.
The company said it wants to “sustainably exceed” the 1 billion euro mark for 2010 revenue.
CEO Frank Asbeck said SolarWorld will also, as planned, expand worldwide capacity by 30 percent while continuing to invest in research and development. By the end of 2011, the company’s worldwide module-making capacity is expected to reach 1.25 gigawatts.
The company ended the year with 900 million euros ($1.2 billion) in liquidity, enabling the company to push forward on growth plans.
Recent Sustainable Business Oregon coverage of SolarWorld available here.
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