Phoenix Solar AG revised earnings guidance for the year 2016 and provided earnings guidance for the year 2017. The company will achieve revenues between EUR 135 million and EUR 150 million for the fiscal year 2016, approximately EUR 50 million lower than expected in the previously published guidance, which indicated a range of EUR 180 million to EUR 210 million. This correction became necessary because of delays on the customers' side of large projects in the USA and Turkey. Those revenues are now expected to be realized in the course of the 2017 financial year rather than in the fourth quarter of 2016. As a result of this, the company now expects the operating result (EBIT) to come in a range of between EUR 0.5 million and EUR 2 million against previously expected of EUR 2 million to EUR 4 million.

For the 2017 financial year, the company assumes further revenue growth and improved earnings.

The company reported earnings results for the third quarter and nine months ended September 30, 2016. The company generated revenues of EUR 55.0 million over the period from July to September 2016 against EUR 42.4 million a year ago, representing an increase of 29.7%. The third quarter of 2016 saw the delivery of systems with a total capacity of 54 MWp against 33 MWp a year ago. The positive development is driven by all three major sales regions. The company boosted EBIT by EUR 0.9 million in the third quarter of the year to EUR 2.0 million, a level 86% higher than in third quarter of 2015. A profit for the quarter was generated again as a result. The net income of EUR 1.3 million attributable to the shareholders is equivalent to earnings per share of EUR 0.17.

In the first nine months of the 2016 financial year, the company generated consolidated revenues of EUR 108.3 million, an increase of 31.8% against EUR 82.2 million a year ago. The company's consolidated LBIT reached a level of EUR 0.4 million, reflecting an 88.6% year-on-year improvement against EUR 3.5 million a year ago. The consolidated net loss for the period attributable to the shareholders stood at EUR 3.3 million against EUR 6.4 million a year ago. The loss per share was thus reduced from EUR 0.85 to the current level of EUR 0.45 per share. For the nine months of 2016, the EUR 6.3 million cash inflow from operating activities represented a strong improvement compared to the first nine months of 2015, in which period a cash inflow of EUR 2.3 million was recorded. Net debt reduced to EUR 21 million.