May 11 (Renewables Now) - SMA Solar Technology AG (ETR:S92) said today its earnings and sales fell in the first quarter of 2022, as expected, as the shortage of components continued to weigh in on the performance.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) in January-March fell 26.4% year-on-year to EUR 14.8 million (USD 15.62m) in line with the company's projections.
Sales dropped 8.2% to EUR 220.6 million as inverter output sold declined to 2,788 MW from 3,360 MW a year earlier. The German photovoltaic (PV) inverters maker attributed the decline to the continued tight situation with the supply of electronic chips. The Large scale and project solutions segment made the largest contribution to the top line, accounting for 46% of the total.
First-quarter net profit plunged 62.5% on the year to EUR 3 million.
Despite the ongoing shortage of components, SMA Solar enjoyed strong demand with order backlog growing to EUR 1.04 billion from EUR 835.7 million a year earlier.
“In March in particular, both order intake and sales developed very well once again. There is strong demand from our customers for existing products and solutions as well as for those launched on the markets in recent months. Despite the ongoing strained supply situation in relation to electronic components, we expect to record most of the product-related order backlog as sales by the end of the year," said chief executive Juergen Reinert.
The company reiterated the full-year forecast that was announced in March. Sales in 2022 are forecast in the range of EUR 900 million to EUR 1.05 billion while EBITDA is seen at EUR 10 million- 60 million.
(EUR 1 = USD 1.055)