Germany’s SolarWorld AG (SWV.DE) reported results for the first quarter of 2007. Revenues rose 60% to Euro 132.8 million ($180.5M) compared to the same quarter 2006.
Earnings before interest and taxes (EBIT) increased 31% to Euro 35.1 million ($47.7M).
Increases in EBIT occured despite reduced solar panel prices. The company attributes significant sales increases and cost reductions at all levels of the value chain to the rise.
SolarWorld’s foreign business currently accounts for 43% of sales. The company expects that to rise to 60% in 2007.
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