Solaria's Q1 net profit falls less than expected (updated)
27/05/2024 14:51
(Adds context, sales, share move)
May 27 (Reuters) - Spanish solar panel maker Solaria
SLRS.MC reported a smaller than expected drop in first-quarter
net profit on Monday as higher sales helped to cushion the
impact of lower power prices.
The stock rose as much as 6%, before paring gains to trade
around 4.4% higher at 1349 GMT.
Solaria said its net profit fell 5% to 23.6 million euros
($25.6 million) in the quarter.
That was down from 25 million euros in the same quarter last
year, but ahead of analysts' average forecast of 10.7 million
euros, according to LSEG data.
Lower energy prices and higher interest rates are weighing
on solar panels makers' profits after they benefitted from
higher power prices in the last two years.
Solaria's sales rose 6% to 40.0 million euros in
January-March as higher energy production offset sluggish
prices, the company said.
Together with the pharmaceutical firm Grifols GRLS.MC ,
Solaria has been the worst performing stock on the Spanish blue
chip index .IBEX this year, falling around 37%.
($1 = 0.9218 euros)
(Reporting by Matteo Allievi; Editing by Milla Nissi and Mark
Potter)
((matteo.allievi@thomsonreuters.com;))