SMA Solar Technology AG (SMA), the leading inverter maker, has revised upwards its earnings and sales forecast for 2017 following a strong first half of the year.
The company now expects sales to reach $1.06-$1.12 billion this fiscal year, up from a projected $980 million to $1.06 billion, while forecasted earnings before interest, taxes, depreciation and amortization (EBITDA) have also been revised up from $83-$106 million to $100-$125 million.
SMA’s managing board cites high order intake as the chief reason for this upward revision, with the Asia Pacific region singled out for its particularly robust market demand over the first few months of the year.
“In the first half of 2017, incoming orders developed positively at SMA and the book-to-bill ratio was 1.4,” said SMA CEO Pierre-Pascal Urbon. “The order backlog increased by 25% in H1 and amounted to roughly €673 million ($800 million) as of June 30.”
The CEO added that orders have remained high since then, prompting the firm to issue the forecast revision. SMA remains the world’s leading inverter company in terms of revenue, and the third-largest in terms of MW shipments according to the latest IHS Markit data.