SolarWorld revenue picture improves by 70 percent

SolarWorld AG grew revenue by nearly 70 percent in the second quarter, the German panel-maker reported Thursday.

The company, which operates North America’s largest solar panel manufacturing plant in Hillsboro, recorded $550.6 million in sales for the second quarter, up 68.6 percent from $297 million a year ago.

Earnings before interest in taxes grew to $73.7 million from $59.5 million. After-tax profit increased slightly to $38.7 million from $36.4 million in the quarter.

First half revenue climbed 50.8 percent to $795.5 million from $527.4 million a year ago. First half earnings before interest and taxes fell by $2.7 million to $106.2 million, while after-tax profit fell considerably to $45.5 million from $67.6 million last year.

Shipments company-wide nearly doubled in the second quarter to 237 megawatts of capacity compared to 125 megawatts in the second quarter last year. For the first half of the year, shipments grew 58 percent to 377 megawatts from 239 megawatts last year.

SolarWorld said in May that the company could double U.S. production.