SMA 2024 Fiscal Year Sales: Profitability In Line With Expectations

SMA 2024 Fiscal Year Sales, Profitability In Line With Expectations

Germany-based SMA Solar Technology AG completed the first quarter of 2024 which the company claims lines with their expectations. The group sales totalled €361.8 million and were thus at the same level as the previous year (Q1 2023: €367.2 million).

SMA said in a statement, “As expected, sales in the home solutions and commercial & industrial solutions segments in the first quarter of 2024 were influenced by the normalized demand situation. This coupled with high inventory levels at distributors and installers.”

It added, “Against this backdrop, sales in the Home Solutions segment amounted to €62.6 million (Q1 2023: €163.3 million) and in the Commercial & Industrial Solutions segment to €70.5 million, after €80.2 million in the first quarter of 2023. As planned, the Large Scale & Project Solutions segment posted significant sales growth of €123.7 million in the same quarter of the previous year to €228.7 million in the first quarter of 2024.”

“We had a good start to the fiscal year in terms of sales, despite the decline in the Home and C&I segments which we believe is only a temporary effect because end customer demand remains fundamentally robust worldwide,” said Jürgen Reinert, Chief Executive Officer (CEO) of SMA.

“We also expect positive stimuli in Germany following the recently agreed Solar Package I. The installation, expansion and modernization of solar and battery systems will become much more attractive, especially for companies and tradespeople. But Solar Package I also create better conditions for roof-mounted installations, tenant electricity models and solar solutions in the agricultural sector” the company added.