SMA Solar cuts sales and earnings guidance for FY24

SMA Solar Technology AG announced yesterday that it is adjusting its guidance for the fiscal year 2024. “The Managing Board now expects sales of between 1,550 million euros and 1,700 million euros (previously: 1,950 million euros and 2,220 million euros) and operating earnings before interest, taxes, depreciation and amortization (EBITDA) of between 80 million euros and 130 million euros (previously: 220 million euros and 290 million euros). In accordance with applicable international accounting standards, any changes in depreciation are assessed and taken into account, if necessary, when preparing the half-year financial statements. The reason for adjusting the guidance is a persistently volatile market as well as delayed increase of incoming orders resulting from continued high inventories at distributors and installers. This results in a sales and earnings development in the Home Solutions and Commercial & Industrial Solutions segments below expectations. Furthermore, there is new uncertainty in the market due to the recent outcome of the European elections and the upcoming elections in the USA on November 5th. The Large Scale & Project Solutions segment continues to develop in line with expectations. For this segment the Managing Board still expects a strong increase in sales and EBITDA for the year as a whole compared to the previous year. The half-year report 2024 will be published as scheduled on August 8,” the company stated. Publicly traded companies in the solar energy space include Array Technologies (ARRY), Enphase Energy (ENPH), Canadian Solar (CSIQ), Emeren (SOL), FTC Solar (FTCI), First Solar (FSLR), JinkoSolar (JKS), Maxeon Solar (MAXN), Shoals Technologies (SHLS), SolarEdge (SEDG) and SunPower (SPWR).