SolarWorld preps for mammoth losses
By Andy Giegerich
Sustainable Business Oregon editor
SolarWorld's worldwide losses may not affect its Hillsboro plant.
SolarWorld AG revealed Wednesday it is expecting big losses during its next quarterly report.
The losses are tabbed at $678 million in U.S. dollars. A spokesman for the company's U.S. headquarters, which employs 700 workers in Hillsboro, told the Oregonian newspaper the performance wouldn't hinder the local operations.
SolarWorld said it is delaying its next scheduled earnings report as it meets with creditors.
Some 20 percent of those losses result from "negative effects on earnings in connection with business developments" last year. The rest of the losses stem from "adjusted valuations for shares in affiliated businesses and for subsidiaries loans ... which are not cash relevant."
SolarWorld's Kevin Kilkelly said last week while the company has seen better days, it's not panicking despite the solar market's recent stumbles.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.