SMA Solar shares fall 30% in Frankfurt early trade after profit warning
June 19 (Reuters) -Shares in German solar power parts supplier SMA Solar Technology AG S92G.DE fell 30% in the Frankfurt early trade on Wednesday after it cut its profit guidance on Tuesday night, citing political uncertainty.
SMA Solar now expects 2024 operating earnings (EBITDA) of between 80 and 130 million euros ($85.9 million to $139.6 million), down from 220 to 290 million euros, and sales of between 1.55 and 1.7 billion euros, down from 1.95 to 2.2 billion euros.
High inventories and a volatile market were to blame for the cut, SMA said in its statement on Tuesday, with the recent outcome of the elections to the European parliament and upcoming presidential elections in the U.S. contributing to uncertainty in the market.
($1 = 0.9314 euros)
Reporting by Louis van Boxel-Woolf
Editing by Ludwig Burger
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