Phoenix Solar Aktiengesellschaft announced consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenues of EUR 7.5 million compared to EUR 47.6 million for the same period a year ago. Revenues of EUR 6.1 million were achieved from continued operations compared to EUR 46.7 million for the same period a year ago, representing a downturn of EUR 40.6 million, or 86.8%, in comparison with the year-earlier figure. LBIT was EUR 2.3 million compared to EBIT of EUR 2.2 million for the same period a year ago. Continued operations delivered LBIT of EUR 2.8 million compared to EBIT from continued operations of EUR 2.3 million for the same period a year ago.

For the nine months, the company reported consolidated revenues of EUR 19.5 million compared to EUR 116.0 million a year ago, reflecting a decline of 83.2%. This development largely results from considerable delays in order intake planned from the USA. Over the same period, revenues from continued operations also dropped notably to EUR 15.9 million, down EUR 96.1 million, which is 85.8%. Group LBIT was EUR 5.7 million compared to EUR 6.1 million for the same period a year ago. LBIT from continued operations amounted to EUR 6.8 million compared to EUR 3.1 million for the same period a year ago. After tax, the consolidated loss of continued operations attributable to the shareholders of the parent company stood at EUR 11.1 million compared to EUR 8.5 million for the same period a year ago. Basic loss per share stood at EUR 1.51 compared to EUR 1.15 for the same period a year ago. From an overall standpoint, the consolidated loss attributable to the shareholders of the parent company posted EUR 1.40 per share compared to EUR 1.01 for the same period a year ago.

In view of the company's business performance in the first nine months of the current financial year, which was characterised above all by considerable delays in planned order intake in the USA, Phoenix Solar AG no longer assumes that the goals recently announced for the financial year 2014 can be achieved. The company has therefore decided to revise its baseline forecast for full-year 2014 downwards, and now assumes that revenues can be achieved within a range of EUR 45 million to EUR 55 million and operating loss before interest and taxes of between EUR 3 million and EUR 4 million. Original expectations were for revenues of between EUR 70 million and EUR 100 million and EBIT of EUR 0 million to EUR 3 million. The guidance includes a positive special item from the disposal of the European O&M business, effective as of 31 October 2014, as well as expenses for further restructuring measures arising from the discontinuation of the new business models in Germany.

The company also report that the coming financial year 2015, orders received exceeds EUR 40 million, which indicate considerable revenue growth and a significant improvement in the result.