SMA Solar posts decline for Q1 but stands by 2011 forecast.(Financial report)

(ADPnews) - May 13, 2011 - German solar inverter maker SMA Solar Technology (ETR:S92) reported today sharp declines in its earnings and revenue for the first quarter of 2011 but confirmed its full-year guidance.

In the first three months of 2011, demand for solar inverters decreased because of reduced government support for solar energy in important European markets, customers' high inventory levels and the expectation that module prices will fall, the company said.

Consequently, SMA Solar's revenue sank by 25% on the year to EUR 255.9 million (USD 362.9m) and earnings before interest and tax (EBIT) shrank by 85% to EUR 13.7 million. The EBIT margin narrowed to 5.4% …