SolarWorld posts strong 2010 results, sees higher 2011 sales

SolarWorld, Germany’s largest module maker by market capitalisation, saw its share price zoom after revealing higher-than-expected earnings for fiscal-year 2010 and predicting higher sales for next year.

Bonn-based SolarWorld shipped 819MW of modules and wafers in 2010, compared to 578MW in 2009, according to preliminary figures.

The firm’s revenues rose 29% year on year to €1.31bn ($1.78bn), while its operating profit grew 26% to €193m.

Chief executive Frank Asbeck, often referred to as the “Sun King” in the German press due to his outspoken support for Germany’s domestic solar industry, proposed a dividend of €0.19 per share, compared to the €0.16 per share paid out last year.

SolarWorld’s share price fattened by more than 10% to €8.57 on the announcement, though Log in to read complete article.

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