REC Solar ASA Reports Third Quarter 2014 Results

Published October 28th 2014 at 1:50pm
Key highlights

- REC has signed several major long term contracts in the US residential and utility market

- Module revenues of USD 149.1 million, down 9.3% from Q2 2014 due mainly to the seasonal slowdown in Europe

- Module EBITDA of USD 15.1 million at 10.1% of revenue in line with company expectations. Module EBITDA 30% lower than last quarter as Q2 included exceptional receipts

- 248MW of module production, up 7.1% from Q2 2014

- Solar panel cash cost down USD ~1 cents/Wp from Q2 2014 (excluding exceptional items)

- REC's sales price for solar panels down with 2.2% from Q2 2014

Martin Cooper, CEO of REC Solar ASA said:" REC's third quarter 2014 was impacted by a seasonal slowdown in Europe, softer market conditions in Japan and high activity level in the US market. Currency movements are increasingly impacting the relative attractiveness of our key markets. Our recent product launch of Peak Energy 72 cell and Peak Energy Z-Link series has resulted in the closing of several major contracts in the US market, in particular with Recurrent Energy, SolarCity and SunRun. We have also launched our Twin Peak series which is targeting the residential and commercial market. Our furnace upgrade and module expansion is progressing according to plan and we retain strong focus on reducing our solar panel cash costs/Wp. We are confident that we will be able to continue to reduce costs and develop our product offering over the coming years and retain our competitiveness."

Source: REC Solar
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