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| SolarWorld AG 2010 Annual & Q4 Earnings Analysis |  |
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| Category: (SolarWorld AG - XTRA: SWV) |
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SolarWorld’s fourth quarter of 2010 is positive compared to a mediocre third quarter and disappointing full year 2010 performance. The company’s last-12 months revenue at the end of the second quarter ranked in the top five in the photovoltaic industry, now it ranks ninth. The company’s revenue grew in the fourth quarter 2010 by only 6.4% to €358.9 million and in the fiscal year of 2010 the revenue rose 28.8% to €1.304 billion. The company is shifting its reliance on the German market as its dominant revenue source. In 2009, Germany accounted for almost 71% of total revenues. The company’s German revenues in 2010 were 3.4% less than in 2009 and only accounted for 53% of total revenues. However; the future could be very bright for SolarWorld with continual efforts to expand into the U.S. market with sizable production and an interesting advertising campaign.
The company continues to rank at the top of the last 12-months (LTM) operating cash flow-to-net income metric after achieving another stellar quarter for operating cash flow. LTM gross margin managed to remain fifth in the fourth quarter of 2010 as the company continues to be proactive in managing material and other operating costs. Many of the company’s metrics remain in the bottom half of its peer group rankings. Poor inventory management is the main reason for the company’s low ranking in the cash conversion cycle. A €400 million bond placement in January 2010 contributed to the deterioration in the debt-to-equity ranking. The company had maintained a very respectable ranking in the top half of research and development expenses but fell from 12th to 29th. | |
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