Germany's SMA Solar to slash 1,100 jobs, lowers full-year outlook (updated)
14/11/2024 24:35
(Adds background in paragraphs 2 and 6; CFO quote in paragraphs
5 and 8; figures for first nine months in paragraph 6)
Nov 13 (Reuters) - SMA Solar Technology S92G.DE plans
to cut up to 1,100 jobs worldwide and lowered forecasts for the
year, the German solar power parts supplier said on Wednesday,
nearly two months after it announced a restructuring program.
In September, SMA Solar launched a company-wide
restructuring program in a bid to save up to 200 million euros
($211.28 million) in costs.
The company said it now expects lowered group revenue in the
range of 1.45 billion euros to 1.5 billion euros for the full
year.
It also added that it now expects earnings before interest,
taxes, depreciation and amortization (EBITDA) for the year to be
between minus 20 million euros to 20 million euros, and earnings
before interest and taxes (EBIT) between minus 100 million euros
to minus 50 million euros.
"We are putting the company on more streamlined, efficient
and flexible footing to build profitable growth in the future,"
CFO Barbara Gregor said.
Early on Thursday, SMA also published its results for the
first nine months of the year, with sales dropping to 1.06
billion euros from 1.34 billion euros last year. EBIDTA for the
nine months dropped to 83.5 million euros from 231.2 million
euros in the same period last year, it said.
SMA initially cut its profit forecast in June, citing
elections to the European parliament and the presidential
elections in the U.S., which had contributed to market
uncertainty. Shares plunged over 30% on the news.
"We will be adjusting the cost base to the lower sales
volume and changes in demand," Gregor added.
($1 = 0.9466 euros)
(Reporting by Chandni Shah in Bengaluru; Editing by Shailesh
Kuber and Alan Barona)
((Chandni.shah@thomsonreuters.com))