Overview
Sweden solar PV operator's Q1 revenue fell yr/yr amid lower tariffs and weaker solar radiation
Company posted Q1 net loss of SEK -27.5 mln, with EPS at SEK -0.48
Installed capacity rose to 403.7 MW, but new contracts signed declined from prior year
Outlook
Company does not expect further electricity tariff changes in Jiangsu and Anhui in the near future
Result Drivers
LOWER ELECTRICITY TARIFFS - Company said adjusted tariffs in Jiangsu and Anhui reduced revenue by SEK 3.9 mln compared to prior year
WEAKER SOLAR RADIATION - Company said weaker solar radiation contributed to lower revenues
HIGHER NETWORK SALES - Company reported a higher proportion of sales directly to the grid, which contributed to lower revenues
Company press release:
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
SEK 36.60 mln
Q1 Adjusted EPS
-SEK 0.48
Q1 Net Income
-SEK 27.50 mln
Q1 Operating Expenses
SEK 45.80 mln
Q1 Operating Profit
-SEK 9.20 mln
Analyst Coverage
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 6 three months ago
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