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Revenues of USD 175.8 million, up 0.2 percent from Q1 2014
July 25, 2014
By: DAVID SAVASTANO
Contributing Editor, Coatings World and Ink World
REC Solar ASA announced its second quarter 2014 results. Revenues were USD 175.8 million, up 0.2% from Q1 2014, with EBITDA of USD 21.1 million, including USD 7.4 million in property tax re-imbursement. The company had a closing cash balance of USD 97.1 million. “REC’s second quarter of 2014 was characterized by high sales volumes in Europe, softer market conditions in Japan and sales pipeline building up in the U.S. market,” Martin Cooper, CEO of REC Solar ASA, said.The launch of our Peak Energy 72 series panels and our recently announced sales agreement with SolarCity demonstrate our ability to react quickly to market opportunities. ‘REC is well positioned to capitalize on the market opportunities in the U.S. market,” Cooper added. “We continue to have a strong focus on reducing our solar panel cash costs/watt to remain competitive. The furnace upgrade and module capacity expansion is progressing according to plan.”
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