Solaria falls as low electricity prices weigh on Q3 results
19/11/2024 09:38
** Shares in Solaria SLRS.MC fall around 6% after it
posted on Monday Q3 results below expectations amid an
environment marked by low electricity prices
** The Spanish solar panel maker's Q3 sales reached 52.1
million euros ($55.07 million) and EBITDA of 47.3 million euros
versus a consensus cited by Bankinter of 61.0 million euros and
46.8 million euros, respectively
** "Q3 figures below expectations, impacted by lower
merchant prices", Eduardo Inmedio from Renta 4 says
** Inmedio points to a sharp decline in sales affecting
Spain and especially Portugal and Greece, following the start of
the regulated period in an asset in Portugal
** Solaria disappoints on EBITDA due to worse margins with
the 7% tax on electricity generation having the most impact,
according to Sabadell
** Bankinter says that, as in Q2, the drop in sales reflects
a low energy price environment that is not offset by increased
generation and divestment of solar projects, keeping a neutral
view on the company
** Bankinter also notes that no new capacity was added in
the last 12 months, noting investments decreased in 9M 2024 to
185 million euros ($195.55 million)
** Up to the previous session's close, shares were down
46.8% YTD
($1 = 0.9461 euros)
(Reporting by Jakub Olesiuk)
((jakub.olesiuk@thomsonreuters.com))