In the first nine months of fiscal 2017, German Phoenix Solar AG generated consolidated revenues of €63.5 million ($73,6 million), a decrease of 41.4 percent compared to the first nine months of fiscal 2016 (€108.3 million). Shipments reached 103.4 MW, a 11.6 percent decrease (9 months/2016: 117.0 MW). Phoenix Solar generated revenues of €45.6 million in the US (9 months/2016: €84.7 million), while the Middle East Region contributed revenues of €11.9 million (9 months/2016: €16.4 million). The Asia/Pacific Region yielded revenues of €5.5 million (9 months/2016: €6.8 million), Europe achieved sales of €0.5 million (9 months/2016: €0.4 million). The company’s EBIT reached a level of €-9.3 million for the 9 months of 2017 (EBIT 9 months/2016: €-0.4 million). The consolidated net result for the period stood at €-12.4 million (9 months/2016: €-3.3 million).

Regarding the third quarter, Phoenix generated revenues of €21.1 million (Q3/2016: €55.0 million, Q2/2017: €28.5 million). Earnings before interest and tax came in at €-2.3 million (Q3/2016: € 2.0 million). Loss was €-3.7 million (Q3/2016: €1.1 million).

The Group reported a record free order backlog of €225.3 million as of September 30, 2017 (September 30, 2016: €83.5 million). The total volume of the global project pipeline increased to 608 MW as of September 30, 2017 (June 30, 2017: 444 MW, September 30, 2016: 285.9 MW).

According to the company, Phoenix Solar signed several EPC contracts for large projects in the US and in the Asia/Pacific region. »These projects had originally been expected to come in earlier in the financial year.« The Executive Board therefore lowered its 2017 forecast and now expects revenues in the range of €90 to €110 million (2016: €139.2 million) and an EBIT in a range between €-10.0 to €-8.0 million for the full year 2017.

As reported, in October the Supervisory Board has extended the tenure of Group CEO Tim P. Ryan by another year.