Q-Cells Sees FY Profits Rise 28%, Says Business Picking Up in March

| About: Global PVQ (QCLSF)

By Ucilia Wang

Q-Cells (OTCPK:QCLSF) is seeing a gradual improvement in the solar energy market and expects to update its 2009 forecast in May, when it discusses its first-quarter earnings.

The Germany company on Thursday released the financial results for 2008, numbers that corresponded with the preliminary figures it released last month. Q-Cells generated € 1.25 billion in revenue last year, up 46 percent from 2007. It posted € 190.6 million in net income in 2008, a 28 percent jump from 2007. The company, which said it was the largest solar cell maker in 2008, produced 574.4 megawatts worth of solar cells last year.

Q-Cells’ CFO Hartmut Schuning said during a press conference that business improved in March compared with February, reported Reuters.

Back in early December, Q-Cells had to cut its 2008 and 2009 sales and production forecast because some of its customers had delayed taking delivery of their orders. The announcement came only a month after it had given a fairly optimistic market outlook.

When it released its preliminary 2008 numbers last month, it lowered its 2009 sales projection again. Q-Cells said it expected to generate between €1.7 billion and €2.1 billion in sales for 2009. Last December, it was looking at generating €1.75 billion to €2.25 billion. The production forecast remained the same: The company expected to produce between 800 megawatts and 1 gigawatt of solar cells this year.

About this article:

Tagged: , Water Utilities, Earnings, Germany
Problem with this article? Please tell us. Disagree with this article? .