SMA Solar Technology AG Reports Steady Q1 2024 Results

SMA Solar Technology AG announced its financial results for the first quarter of 2024, showing stable performance in sales and slight reductions in profitability. Sales amounted to €361.8 million, roughly equivalent to the same period in the previous year at €367.2 million. Despite the consistent sales, EBITDA dropped to €49.9 million from €60.0 million in Q1 2023.

The company experienced mixed results across its different segments. The Large Scale & Project Solutions segment improved sharply in profitability, with earnings before interest and taxes (EBIT) of €41.3 million, a significant increase from €2.3 million a year ago. In contrast, the Home Solutions and Commercial & Industrial Solutions segments saw declines in EBIT, primarily due to reduced sales and higher fixed costs.

The firm's order backlog as of March 31, 2024, remained resilient at €1.467.8 million, though lower than €2.468.2 million in the prior year. Earnings per share also decreased to €0.82 from €1.49 in Q1 2023. Furthermore, the equity ratio rose slightly from 42.3% at the end of 2023 to 43.2% in the first quarter of 2024, underlining a solid equity base.

SMA's management remains optimistic about the rest of 2024, expecting stronger performance in the second half, particularly following the introduction of Solar Package I in Germany, which is set to boost the solar sector.